Rajeev Chandrasekhar, the minister of state for electronics and IT, stated that the government expects approving up to two applications this year to begin building electronic chip manufacturing facilities in the country.
According to the minister, the current slowdown in the electronic chip industry won’t have any effect on India’s semiconductor programme because it is cyclical in nature and was designed with a long-term view.
“The year 2023 will be an important milestone. We will cross Rs 1 lakh crore in mobile phone exports this year. We will be certainly announcing one to two fabs in India to be commencing construction,” Chandrasekhar stated.
Five companies have submitted plans to the government for the establishment of production facilities for electronic chips and displays with investments totalling Rs. 1.53 lakh crore. Vedanta Foxconn JV, IGSS Ventures, and ISMC seek to establish electronic chip manufacturing plants with a USD 13.6 billion investment under the Rs 76,000 crore Semicon India Plan. They have sought USD 5.6 billion in support from the Center.