Government is likely to start approving proposals to set up electronic chip and display manufacturing plants in the country in next 30-60 days, Minister of State for Electronics and IT Rajeev Chandrasekhar said.
Speaking at IESA Vision Summit, Rajeev Chandrasekhar said there has a tremendous progress in the development of the semiconductor ecosystem in India in the last 8-9 months.
Government has receive proposals from five companies for setting up electronic chip and display manufacturing plants with investment of Rs. 1.53 lakh crore.
Vedanta Foxconn JV, IGSS Ventures, ISMC propose to set up electronic chip manufacturing plants with $13.6 billion (approx. Rs. 1,11,800) investment and have sought support of $5.6 billion (approx. Rs. 46,000 crore) from the Centre under the Rs. 76,000 crore Semicon India Programme.
Rajeev Chandrasekhar Said :
He said a great deal of interest is there in the industry and there are several proposals ranging from investment in wafer fabrication plants to silicon compounds to packaging and testing.
Rajeev Chandrasekhar Said :
Vedanta Foxconn JV has announce plans to set up an electronic chip manufacturing unit in Gujarat.
Rajeev Chandrasekhar said there is significant investment require in the semiconductor space and the government is looking at this sector as a long game.
Rajeev Chandrasekhar Said :
“This year alone, we will cross over $15 billion (approx. Rs. 1,23,300 crore) of exports where at one point we were having zero exports in 2014. Our target for electronics as an overall sector is $300 billion (approx. Rs. 24,66,800 crore) of manufacturing by 2025 and exports of $120 billion (approx. Rs. 9,86,700 crore),”.
India Electronics and Semiconductor Association (IESA) Chairman Vivek Tyagi said India will consume roughly $27 billion (approx. Rs. 2,22,000) worth semiconductors in 2022.
Rajeev Chandrasekhar said the government’s incentives have given a push to the electronics sector but most of the products are getting assemble in India.
Vivek Tyagi said :
Vivek Tyagi said before the start of semiconductor manufacturing there is a strong case of assembly and testing of electronic chips in India.