India has approved a $10 billion incentive plan to attract semiconductor fabricators and display manufacturers, Union Minister Ashwini Vaishnaw said today, as part of efforts to establish itself as a global electronics production hub.
Israel's Tower Semiconductor, Apple's contract manufacturer Foxconn and a Singapore-based consortium have all shown interest in setting up semiconductor fabrication units in India, a government source told Reuters.
Vedanta Group was also keen to set up a display fabrication plant in India, the source added.
The centre also approved a design linked incentive (DLI) plan to encourage 100 local companies in semiconductor design for integrated circuits and chipsets, technology minister Ashwini Vaishnaw told a news briefing.
"...Prime Minister (Narendra Modi) has taken a historic decision today that will help develop the complete semiconductor ecosystem -- from the design of semiconductor chips to their fabrication, packing and testing -- in the country," he said.
India, the world's second-biggest smartphone maker, has announced the plan at a time when automakers and tech companies are grappling with a global semiconductor shortage.
Tata Group, one of the biggest conglomerates, is also venturing into the business and is in talks with three states to invest up to $300 million to set up a semiconductor assembly and test unit, Reuters has reported.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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