Govt plans to approve two new microchip factories this year
By MYBRANDBOOK
The minister of state for electronics and IT, Rajeev Chandrasekhar said that the government expects to approve up to two applications this year to start building electronic chip manufacturing plants in the country. The minister said that the current situation of slowdown in the electronic chip business will not have any impact on India's semiconductor programme as the impact is cyclical in nature but the programme has been conceived with long-term vision.
"The year 2023 will be an important milestone. We will cross Rs 1 lakh crore in mobile phone exports this year. We will be certainly announcing one to two fabs in India to be commencing construction," Chandrasekhar said.
The government has received proposals from five companies for setting up electronic chip and display manufacturing plants with investments of Rs 1.53 lakh crore a year ago. Under the Rs 76,000 crore Semicon India Programme, Vedanta Foxconn JV, IGSS Ventures and ISMC propose to set up electronic chip manufacturing plants with USD 13.6 billion investment and have sought support of USD 5.6 billion from the Centre.
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