India has received investment pledges of as much as $12 billion from global and local investors within months of launching its new semiconductor policy, marking an acceleration in its efforts to become a chip-making nation.
The interest comes after India in July announced a fresh $13.4 billion semiconductor fund, stepping up efforts to build a domestic chip industry.
Earlier Thursday, Prime Minister Narendra Modi launched a charm offensive for global investors at the chip conference, touting the country’s vast pool of engineering graduates and semiconductor-friendly policies. Some of the companies approved under the previous chip policy, such as Micron and Murugappa Group’s chip unit, are already in commercial production. The interest comes after India in July announced a fresh $13.4 billion semiconductor fund, stepping up efforts to build a domestic chip industry. It seeks to boost a previous $10 billion subsidy programme that’s helped the likes of the Tata Group and Micron Technology Inc. to set up fabrication and assembly plants in the South Asian country.
The commitments come from companies including those producing chip equipment, materials and chemicals manufacturers, Technology Minister Ashwini Vaishnaw said at the country’s top chip industry event in New Delhi Thursday. Vaishnaw didn’t disclose company names but said the investments will be made over the next two to three years. “So far whatever production is there is already booked and capacity, which is getting created, is already booked,” Vaishnaw said.
