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.
"We're assuring them that the government will be a buyer and there will also be mandates in the private market ." Chips made locally will be designated as"trusted sources" and can be used in products ranging from CCTV cameras to 5G equipment, the first source said. The renewed government push to lure chipmakers is more likely to succeed, following the success of the smartphone industry, industry insiders say.
The government extended the last date of submission for that expression of interest to end-March from Jan. 31, given the level of industry demand, the government source said.
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