Ashwini Vaishnaw To Meet Top Tech Executives To Attract Investments In Semiconductors: Report

Semiconductor PLI scheme of Rs 76,000 crore provides a consistent fiscal incentive of 50 per cent of project cost for semiconductor fabs operating across technology nodes and display manufacturing

The government has been trying to attract MNCs through PLI scheme and the semiconductor scheme, both of which provide incentives to companies.

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Union Minister for Communications, Electronics & Information Technology Ashwini Vaishnaw is expected to meet top executives of tech and semiconductor companies in the US, including HP, Dell, Intel, and Google, among others in a bid to woo them to invest in India, according to a report by Business Standard. On Tuesday, the ministry tweeted about this interaction with some industry leaders in the US. 

 

Vaishnaw said, "Interacted with @SEMIconex leadership about the India Semiconductor Mission."

Interacted with @SEMIconex leadership about the India Semiconductor Mission.

📍SEMI Global Headquarters, CA, USA. pic.twitter.com/cw56ormhh2

— Ashwini Vaishnaw (@AshwiniVaishnaw) May 9, 2023

SEMI is a global tech and semiconductor industry association connecting over 2,500 member companies and 1.3 million professionals worldwide. The government has been trying to attract multinational corporations through the production-linked incentive scheme and the semiconductor scheme, both of which provide incentives to companies.

India's semiconductor PLI scheme of Rs 76,000 crore provides a consistent fiscal incentive of 50 per cent of project cost for semiconductor fabs operating across technology nodes and display manufacturing.

According to an earlier report by Business Standard, Micron Technology's proposal to establish an assembly, testing, marking, and packaging facility in India, which involves an investment of $1 billion, is close to being approved by the Indian government. Micron is one of the world's largest companies in memory and storage technologies, with 11 manufacturing sites located in the US, Japan, Malaysia, Singapore, Taiwan, and China. Sanjay Mehrotra, a BITS Pilani alumnus of Indian descent, leads the $30.8 billion company, which has been searching for a location to establish a semiconductor packaging facility for over a year.

Another recipient of the government's semiconductor PLI scheme, Vedanta Group is expecting to start building its Rs 1.5 lakh crore semiconductor plant in October-December this year and producing electronic chips by the first half of 2027, according to an PTI report published last month. The joint venture of Indian conglomerate Vedanta and electronics manufacturing giant Foxconn has finalised the Dholera Special Investment Region near Ahmedabad for setting up their semiconductor and display manufacturing facility.