Finance Minister Holds Meeting With Global Chip Companies To Drive In Investment In India

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During the roundtable with industry leaders from the semiconductor ecosystem, the participants informed the Finance Minister that they have substantially scaled their capabilities in India in the last few years

Looking to drive in more foreign investment in building the semiconductor industry of the country, Finance Minister Nirmala Sitharaman recently held a meeting with representatives of the semiconductor industry of the US and invited them to make further investments in India.

The Finance Minister spoke about opportunities for companies situated in Silicon Valley and about the government of India’s commitment to be a reliable player in the entire semiconductor value chain with dedicated incentive for the sector in mission mode through the Indian Semiconductor Mission.

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During the roundtable with industry leaders from the semiconductor ecosystem, including design, manufacturing, equipment, technology and systems in San Francisco, the participants informed the Finance Minister that they have substantially scaled their capabilities in India in the last few years and are also collaborating with Academia for R&D.

“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,” the finance ministry said in a tweet.

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 poised 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 excited 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 USD 10 million scheme by the government would encourage semiconductor manufacturing in India.

Last year, the government approved 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.

Incentives have been lined up for companies engaged in silicon semiconductor fabs, display fabs, compound semiconductors, silicon photonics, sensor fabs, semiconductor packaging and semiconductor design.

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