NEW DELHI: India is offering more than US$1 billion in cash to each semiconductor company that sets up manufacturing units in the country as it seeks to build on its smartphone assembly industry and strengthen its electronics supply chain, two officials said.
How to disburse the cash incentives has yet to be decided and the government has asked the industry for feedback, said a second government source, who also declined to be identified. But the sources did not say whether particular semiconductor companies have shown interest in setting up units in India.PREVIOUS ATTEMPTS
Moreover, Indian conglomerates, such as the Tata Group, have also expressed interest in moving into electronics and high-tech manufacturing. A consortium of investors led by Abu Dhabi-based fund Next Orbit Ventures has shown interest in setting up in India, an auto industry source said.A shortage of chips is holding back India's auto sector just when it sees early signs of a recovery in demand after sales plunged in 2020 because of the pandemic.
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