India’s semiconductor sector is making strides with the implementation of the $2.5 billion Micron project, marking a significant step in Indo-US technological collaborations.
To attract further investments, the government is offering a 50% subsidy for ventures in the semiconductor value chain. In the case of Micron, the project’s cost will be covered by 70% through joint efforts by the Center and States.
India’s Strategic Push in Semiconductors Aims to Achieve Critical Objectives
India’s semiconductor ambitions go beyond economic gains, as highlighted by External Affairs Minister S Jaishankar.
The nation aims to establish itself as a reliable source for essential goods. In line with the China plus one strategy adopted by various countries.
To bolster the semiconductor industry’s growth, the government has committed $10 billion in subsidies, emphasizing the development of a robust industrial, aerospace, and defense ecosystem.
Effective allocation of funds will be crucial in maximizing impact and competitiveness in the global semiconductor market.