Last year, the government approved a 76,000-crore program to boost semiconductor and display manufacturing in the country
Last year, the government approved a 76,000-crore program to boost semiconductor and display manufacturing in the country
Finance Minister Nirmala Sitharaman met with representatives of the US semiconductor industry on Monday and invited them to further investments in India.
The Minister of Finance spoke about opportunities for companies in Silicon Valley and the Government of India’s commitment to be a reliable player across the semiconductor value chain, with a special incentive for the sector in mission mode through the Indian Semiconductor Mission.
Last year the government approved a Rs. 76,000 program to boost semiconductor and display manufacturing in the country in a bid to position India as a global hub for high-tech manufacturing and attract major chipmakers.
Incentives have been put together for companies involved in silicon fabs, display fabs, compound semiconductors, silicon photonics, sensor fabs, semiconductor packaging and semiconductor design.
During the roundtable with industry leaders from the semiconductor ecosystem, including design, manufacturing, equipment, technology and systems, in San Francisco, the participants informed the finance minister that they have significantly expanded their capacity in India in recent years and are also collaborating with Academy for R&D.
“Participants also mentioned that in the face of global supply chain disruptions, they need to review over-reliance on the supply chain in certain jurisdictions, and with the right policies and talent, the next decade will belong to India,” the Treasury said in a tweet.
Attending the meeting, AMD Chief Financial Officer and Treasurer Devinder Kumar spoke about the company’s growth in India and how India is poised to grow strongly with Atmanirbhar Bharat’s vision driving it forward.
Western Digital’s senior vice president, corporate business development, Dan Steere, said the company looks forward to exploring opportunities with the Indian government to expand manufacturing in the Indian market.
Manish Bhatia, Micron Tech’s executive vice president of global operations, said the government’s $10 million program would boost semiconductor manufacturing in India.
The finance minister also met Uber CEO Dara Khosrowshahi, who gave an overview of the company’s investments in India and the expansion plan.
During the meeting, Mr. Khosrowshahi expressed optimism about the company’s growth across segments in India and how the company intends to quadruple the number of drivers on the platform to 2 million.
“Treasury Secretary Smt. Confirming @Uber’s expansion plans in India, @nsitharaman said technology plays an important role in empowering the transportation and mobility sector and last-mile connectivity,” read another tweet.
“Union Treasury Secretary Smt. @nsitharaman met with Mr. Mark Widmar, CEO of @FirstSolar in San Francisco today. They spoke about India’s renewable energy landscape and @FirstSolar’s $700 million investment in India,” read a separate tweet.
Mr Widmar told the Treasury Secretary that the company’s facility will be operational shortly and that this is the lowest cost factory in any jurisdiction with a very low carbon footprint and recycles 90 per cent of the material.
He also said that India has been at the forefront of renewable energy reforms and the government’s new policies make it easier for companies to operate on a level playing field. Options relating to green hydrogen and sustainable energy were also discussed in detail.
