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Home > Industry News

India to offer more incentives for local chip, display manufacturing

Views : 118
Update time : 2022-09-28 13:35:46
        The Indian government on Wednesday raised financial support for new semiconductor facilities to cover 50 percent of project costs and said it will lift the maximum investment cap allowed for display manufacturing to boost local production, Reuters reported.
 
 
        The announcement comes as the Indian government seeks to attract more big investments under a $10 billion chip and display production incentive program aimed at making India a key player in the global supply chain. 
        "Based on discussions with potential investors, work on setting up the first semiconductor facility is expected to begin soon," Wednesday's government statement said.
        The Indian government has previously agreed to cover 30 percent to 50 percent of the cost of setting up new display and chip factories. The government said Wednesday that it would also pay 50 percent of the capital expenditure required to set up semiconductor packaging facilities.
        Last week, oil and metal conglomerate Vedanta and Taiwan-based Foxconn signed an agreement with the Indian state of Gujarat to invest $19.5 billion in a semiconductor and display production plant in the west, IT House has learned.
        Vedanta is the third company to announce a chip plant in India after international consortium ISMC and Singapore-based IGSS Ventures, the first two of which set up in the southern states of Karnataka and Tamil Nadu, respectively.

 
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