Weeks after India announced pumping funds into the formation of the semiconductor industry, the American chip-making giant Intel showed interest in setting up a plant.
This was revealed on Twitter, to which the Indian IT minister welcomed their feat. The government of India has started investing about Rs.76,000 crores within the next five years to make India the global hub for semiconductor manufacturing and other technologies.
Intel Coming to India
As technology is rapidly sticking deeper into our lives, countries around the world are investing lump sum amounts to build their own technology wings, and stand competitive in the world market. In this pursuit, India has announced a package worth over Rs.76,000 crores earlier this month.
This is mostly regarding the setup and development of the semiconductor industry, which has been struggling lately. With last year’s pandemic, manufacturing hubs around the world including TSMC have shut down partially, resulting in the shortage of chips.
As these chipsets are crucial in almost every electronic device, manufacturing them rapidly is the most logical thing one should do. And India is just doing that now. The boosting package it announced earlier should attract semiconductor and display manufacturing companies, to set up and regulate India as a global hub for hi-tech production.
The union cabinet’s schemes under this project will offer fiscal support of upto 50% in project cost, to those eligible companies for setting up and running semiconductor fabs and display fabs in India. And we see Intel showing interest lately in this ecosystem.
As it unveiled plans for setting up its own manufacturing hub in India, the minister of Railways, Communication, Electronics and Information Technology – Ashwini Vaishnav has welcomed their decision by saying “Intel – welcome to India” on Twitter.
Intel – welcome to India. https://t.co/1Wy90HfAjy
— Ashwini Vaishnaw (@AshwiniVaishnaw) December 28, 2021
Once they’re in, Intel will hopefully take the support of the Indian government to grow and collaborate with other industries, and help the country grow as it’s desired.