Government May Approve Semiconductor Unit Proposals In Next 30 To 60 Days: MoS IT

According to Rajeev Chandrasekhar, Minister Of State For Electronics And IT, the government is likely to start approving proposals to establish manufacturing plants for electronic chips and displays in the nation over the next 30 to 60 days.

Speaking at the IESA Vision Summit, Chandrasekhar stated that over the past 8 to 9 months, the nation's semiconductor ecosystem has made significant strides.

Five companies have submitted proposals to the government for the establishment of manufacturing plants for electronic chips and displays with a total investment of Rs. 1.53 lakh crore.

Vedanta Foxconn JV, IGSS Ventures, and ISMC plan to invest USD 13.6 billion in the construction of electronic chip manufacturing facilities and they have requested USD 5.6 billion in support from the Center as part of the USD 76,000 crore Semicon India Programme.

In his virtual address to the summit, Chandrasekhar stated, "Over the next couple of months, I think over next 30 to 60 days... Government of India and India Semiconductor Mission will be rolling out those proposals that have been scrutinized and that have passed the investment," 

He stated that the industry is very interested, and there are several suggestions, including investments in wafer production facilities, silicon compounds, packaging, and testing.

"State governments have shown some tremendous amount of alacrity. State governments like Gujarat, Karnataka have shown tremendous proactive response to looking at this very new opportunity, an opportunity for growth, and job creation, investments and innovation,"  added Chandrasekhar.

A manufacturing plant for electronic chips has been announced by the Vedanta Foxconn JV for Gujarat. He claimed that substantial investment is needed in the semiconductor industry and that the government views this sector as a long-term investment.