Finance Minister Nirmala Sitharaman held a meeting with representatives of the semiconductor industry of the US and invite them to make further investments in India.
The Finance Minister spoke about opportunities for companies situate in Silicon Valley and about the government of India’s commitment to be a reliable player in the entire semiconductor value chain with dedicate incentive for the sector in mission mode through the Indian Semiconductor Mission.
Government approve a Rs 76,000-crore scheme to boost semiconductor and display manufacturing in the country in a bid to position India as a global hub for hi-tech production, and attract large chip makers last year.
Incentives have line up for companies engage in silicon semiconductor fabs, display fabs, compound semiconductors, silicon photonics, sensor fabs, semiconductor packaging and semiconductor design.
Industry leaders from the semiconductor ecosystem, including design, manufacturing, equipment, technology and systems in San Francisco, the participants inform the Finance Minister that they have substantially scale their capabilities in India in the last few years and are also collaborating with Academia for research and development.
Nirmala Sitharaman Said :
“The participants also mentioned that in view of global supply chain disruptions, they need to review overreliance of supply chain in certain jurisdictions and with the right policies and talent in place, next decade will belong to India,”.
Participating in the meeting Devinder Kumar, Chief Financial Officer and Treasurer of AMD spoke about the company’s growth in India and how India is poise to grow strongly with the vision of Atmanirbhar Bharat driving it.
Western Digital, Senior Vice President, Corporate Business Development Dan Steere said the company is excite to explore opportunities with the government of India to expand manufacturing in the Indian market.
Manish Bhatia, executive vice president of global operations at Micron Tech said the $10 million (approx. Rs 80 crore) scheme by the government would encourage semiconductor manufacturing in India.
The Finance Minister also met Uber CEO Dara Khosrowshahi, who gave a snapshot of the company’s investment in India and expansion plan.
Dara Khosrowshahi express his optimism about the company’s growth in India across segments, and how the company is looking to quadruple the number of drivers on the platform to 2 million.
Widmar inform the Finance Minister that the company’s plant will be operational shortly and this is their lowest-cost factory across jurisdictions with very low carbon footprint and recycles 90% of the material.
