Besides semiconductors, the government is also looking to attract investments for electric vehicle (EV) manufacturing.
Meanwhile, ET reported on Saturday that an Indian delegation is currently in Taiwan to meet executives at contract manufacturer Foxconn to project the country as an attractive destination for EV manufacturing.
This comes after recent reports indicating Foxconn’s plans to enter the Indian EV manufacturing market this year.
Such deals would mark a win for the Union government’s ambitious “Make in India” plans.
The Central government has pledged Rs 76,000 crore to attract chipmakers to India, promising that the administration will bear a part of the cost of setting up semiconductor sites.
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Last month at an event in IIT Delhi, Minister of State for Electronics and IT Rajeev Chandrasekhar said India is aiming to create 100 semiconductor design startups in the near future that will develop innovative designs and solutions not only for the domestic market but also for the world. These are ETtech’s top stories on Indian government’s manufacturing push:
India set to approve Micron’s $3 billion semiconductor unit | India is poised to approve a $3-billion investment by US semiconductor company Micron to set up an outsourced semiconductor assembly and test (OSAT) unit with at least four assembly lines, people in the know told us. The Idaho-headquartered company will initially invest about $2.5 billion with more investments likely to be made over five years.
This will be the first such approval of an OSAT unit, also known as the Assembly Testing Marking and Packaging (ATMP) unit, by the Centre which has unveiled a Rs 76,000 crore package to kickstart semiconductor manufacturing in the country.
Micron nears $1 billion investment in India: Earlier Bloomberg reported that Micron could commit as much as $2 billion towards setting up a semiconductor packaging factory in India.
As per the report, an announcement could be made as soon as Prime Minister Narendra Modi visits the US next week.
Cabinet likely to okay Rs 25,000 crore scheme: Union cabinet is expected to approve Rs 25,000 crore scheme for semiconductor manufacturing. The announcement is likely to be made on Wednesday afternoon.
Foxconn’s EV manufacturing push: After announcing a joint venture with Vedanta to manufacture semiconductors in India, Foxconn, best known as the maker of the iconic Apple iPhone, is looking to enter the electric vehicle (EV) manufacturing space in India.
In its annual report, published on May 31, Foxconn said that India would assist with the establishment of a production line this year to provide two-wheeled EV manufacturing services that will cater to the EV two-wheeler market in Southeast Asia.
Officials from four states — Maharashtra, Telangana, Tamil Nadu and Andhra Pradesh — met top Foxconn executives during their visit to the country last year to discuss EV manufacturing plans.
Government delegation in Taiwan to make EV pitch to Foxconn: A delegation of Indian officials is currently in Taiwan to meet executives at contract manufacturer Foxconn and present the country as an attractive destination for electric vehicle (EV) manufacturing.
The delegation from the union government will also brief Foxconn on how India is exploring and evaluating potential reserves of minerals like lithium, nickel, manganese and cobalt.
