The center could approve business investment proposals from five electronic chip makers in six to eight months, Union Minister for Electronics and Communications and Railways Ashwini Vaishnaw said.
Speaking at an event earlier in the day, he said: “The development of a new industry, particularly the semiconductor industry, is not a sprint but a marathon and the government is keen to grow the sector with patience.
“We are patiently prepared for the wait. We are committed and ready for serious partnerships between industry, academia and research, which is a crucial factor for the development of the semiconductor industry,” said Mr. Vaishnaw at the opening session of Semicon India-2022, a three-day event that kicked off here on Friday.
To this end, about 100 academic institutions and R&D institutions have been involved to train 5,000 research professionals, 30,000 engineers and 50,000 other people, he said.
“The big differentiator is that we are committed to creating and growing our talent pool by 85,000 semiconductor professionals over the next 10 years. We have also connected with global institutions,” the minister said.
Later, Mr. Vaishnaw said at a press conference that the Union government could formally approve business investment proposals from five electronic chip makers in the next six to eight months.
Minister of State for Electronics and IT Rajeev Chandrasekhar said the Indian Semiconductor Mission is currently evaluating the process and approvals will come after due diligence.
The government has already received proposals from five companies (Vedanta Foxconn JV, IGSS Ventures, ISMC, Vedanta and Elest) for setting up electronic chip and display manufacturing units with a total investment of ₹1.53 lakh crore.