India adds a $13.3 billion fund to boost chip manufacturing development

Deep Tide TechFlow news. On July 15, the Indian Minister of Electronics and Information Technology announced on Wednesday that India is committed to adding 1.28 trillion rupees (about $13.3 billion) to boost its domestic chip manufacturing industry and pursue its ambitious goal of becoming a global manufacturing hub. The plan will further build on an incentives program of $10 billion that India launched in 2021. The project previously promised to cover half of the construction costs for semiconductor projects.

Earlier efforts helped India kick off the chip industry development process, attracting companies such as U.S. memory chip maker Micron Technology, and the Tata Group—which has business spanning multiple sectors including everything from salt production to software—to move into Gujarat in western India. Prime Minister Modi of India is working to strengthen India’s chip industry layout. The program is still at an early stage, and only a handful of major projects are currently moving forward. India hopes to leverage its advantages in engineering and design talent, as well as various subsidy policies, to attract major chip manufacturers to set up in the country. (Jinshi)