Finance Minister Nirmala Sitharaman on Monday held a gathering with representatives of the semiconductor trade of the US and invited them to make additional investments in India.
The Finance Minister spoke about alternatives for corporations located in Silicon Valley and concerning the authorities of India’s dedication to be a dependable participant in all the semiconductor worth chain with devoted incentive for the sector in mission mode by means of the Indian Semiconductor Mission.
Last 12 months, the federal government accredited a Rs 76,000-crore scheme to spice up semiconductor and show manufacturing within the nation in a bid to place India as a world hub for hi-tech manufacturing, and entice giant chip makers.
Incentives have been lined up for corporations engaged in silicon semiconductor fabs, show fabs, compound semiconductors, silicon photonics, sensor fabs, semiconductor packaging and semiconductor design. During the roundtable with trade leaders from the semiconductor ecosystem, together with design, manufacturing, tools, know-how and techniques in San Francisco, the members knowledgeable the Finance Minister that they’ve considerably scaled their capabilities in India in the previous couple of years and are additionally 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 mentioned in a tweet.
Participating within the assembly Devinder Kumar, Chief Financial Officer and Treasurer of AMD spoke concerning the firm’s progress in India and the way India is poised to develop strongly with the imaginative and prescient of Atmanirbhar Bharat driving it. Western Digital, Senior Vice President, Corporate Business Development Dan Steere mentioned the corporate is happy to discover alternatives with the federal government of India to broaden manufacturing within the Indian market.
Manish Bhatia, govt vp of worldwide operations at Micron Tech mentioned the USD 10 million scheme by the federal government would encourage semiconductor manufacturing in India.
The Finance Minister additionally met Uber CEO Dara Khosrowshahi, who gave a snapshot of the corporate’s funding in India and growth plan. During the assembly, he expressed his optimism concerning the firm’s progress in India throughout segments, and the way the corporate is trying to quadruple the variety of drivers on the platform to 2 million.
“Finance Minister Smt. @nsitharaman acknowledged @Uber’s expansion plans in India and said that technology plays an important role in strengthening transportation and mobility sectors as well as last mile connectivity,” one other tweet mentioned.
“Union Finance Minister Smt. @nsitharaman met with Mr Mark Widmar, CEO, @FirstSolar, in San Francisco, today. They discussed about India’s renewable energy landscape and @FirstSolar’s $700 million investment in India,” a separate tweet mentioned
Widmar knowledgeable the Finance Minister that the corporate’s plant shall be operational shortly and that is their lowest-cost manufacturing facility throughout jurisdictions with very low carbon footprint and recycles 90 per cent of the fabric.
He additionally mentioned that India has been on the forefront of reforms made within the renewable power sector and the federal government’s new coverage facilitates corporations to function at a level-playing discipline. Opportunities round inexperienced hydrogen and sustainable power have been additionally mentioned at size.
Source: www.financialexpress.com”