Indian Government to Offer Rs.76,000 Crore for Semiconductor Manufacturing
The government of India is planning an incentive worth Rs.76,000 for initiating semiconductor manufacturing in India. According to a report, the government is planning to set up more than 20 semiconductor designs, components manufacturing, and display fabrication units in India for the next six years. The scheme will be presented to Cabinet for approval next week.
Semiconductors are key components that are used for the manufacturing of different electronic devices. The whole world is facing a chip shortage. The shortage is causing a shortage in exports of units, an increase in the prices, due to the limited supply of products. Many companies have announced a cut in their production due to the chip shortage as well.
With this, the government is planning to deepen the manufacturing base in India. Once the scheme gets approval from the Cabinet, the Ministry of Electronics and Information will finalize the further process. Samsung has also made an investment in the USA by establishing a chip plant in Texas.