India can become biggest chip producer in next 5 yrs $10 billion chip manufacturing plan

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India can become biggest chip producer in next 5 yrs $10 billion chip manufacturing plan


·      According to Minister of Electronics and IT Ashwini Vaishnaw, India will become the biggest semiconductor manufacturing destination in the world in the next five years with the Centre ensuring that the right ecosystem is built, with production in India being the cheapest globally.

·   In December 2021, the Centre had announced a $10 billion semiconductor manufacturing plan with a fabrication plant expected to get approval soon.

·     The Centre will reopen the window for applying to its Rs 76,000 crore semiconductor manufacturing plan.The new window, set to open on June 1, will remain until December 2024.

·   In response to the government’s incentive scheme, a joint venture comprising Vedanta and Taiwanese electronics contract manufacturer Foxconn signed a Memorandum of Understanding with the Gujarat government in September to set up a semiconductor and display manufacturing unit, but the venture is reported to be struggling to raise funds for the project. ISMC, a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel’s Tower Semiconductor, has proposed a 65-nanometer analog semiconductor fabrication unit.

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