Nirmala Sitharaman US semiconductor firms will increase their investments in India; With incentives 

Nirmala Sitharaman

Nirmala Sitharaman, India’s finance minister, met with officials from the US semiconductor sector and asked them to invest more in India.

The Finance Minister discussed prospects for enterprises in Silicon Valley, as well as the government of India’s resolve to be a reliable partner in the whole semiconductor value chain, with the Indian Semiconductor Mission providing a dedicated incentive for the sector in mission mode.

In an effort to promote India as a worldwide hub for hi-tech production and lure multinational chip makers, the government authorised a Rs 76,000-crore scheme last year to expand semiconductor and display manufacturing in the country.

Companies involved in silicon semiconductor fabs, display fabs, compound semiconductors, silicon photonics, sensor fabs, semiconductor packaging, and semiconductor design have been offered incentives.

During a roundtable in San Francisco with industry leaders from the semiconductor ecosystem, including design, manufacturing, equipment, technology, and systems, the participants informed the Finance Minister that their capabilities in India have significantly expanded in recent years, and that they are also collaborating with academia for R&D.

“The participants also highlighted that, in light of global supply chain disruptions, they need to reassess overreliance of supply chains in specific jurisdictions,” the finance ministry said in a tweet. “With the right policies and skills in place, the next decade will belong to India.”

Devinder Kumar, AMD’s Chief Financial Officer and Treasurer, addressed during the gathering about the company’s progress in India and how India is prepared to grow significantly under the leadership of Atmanirbhar Bharat.

Dan Steere, Senior Vice President of Corporate Business Development at Western Digital, said the business is looking forward to working with the Indian government to increase manufacturing in the country.

The government’s USD 10 million initiative, according to Manish Bhatia, executive vice president of worldwide operations at Micron Tech, will stimulate semiconductor manufacture in India. The Finance Minister also met with Uber CEO Dara Khosrowshahi, who provided an overview of the company’s investment and expansion plans in India.

Dan Steere, Western Digital’s Senior Vice President of Corporate Business Development, said the business is looking forward to working with the Indian government to grow manufacturing in the country.

The government’s USD $10 million initiative, according to Manish Bhatia, executive vice president of worldwide operations at Micron Tech, will stimulate semiconductor manufacture in India. The Finance Minister also had a meeting with Uber CEO Dara Khosrowshahi, who presented an overview of the company’s investment and expansion plans in India.

 

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