The Centre may give nod to the business investment proposals of five electronic chip manufacturers in six to eight months, said Union Minister for Electronics and Communication and Railways Ashwini Vaishnaw.
Speaking at an event earlier in the day, he said, “Developing a new industry, especially the semiconductor industry, is not a sprint but a marathon and the government is committed to growing the sector with patience.
“We are prepared for the wait with patience. We are committed and also prepared for sincere partnerships between industry, academia and research, which is a critical factor for the development of the semiconductor industry,” Mr. Vaishnaw said at the opening session of Semicon India-2022, a three-day event that commenced here on Friday.
To this end, about 100 academic institutions and R&D institutions had been roped in to raise 5,000 professionals in research, 30,000 engineers and 50,000 other people, he said.
“The big differentiator is that we are committed to creating and augmenting our talent pool by 85,000 semiconductor professionals over the next 10 years. We have also tied up with global institutions,” the Minister said.
Later, speaking at a press conference, Mr. Vaishnaw said, the Union Government may give the official nod to the business investment proposals of five electronic chip manufacturers in the next six to eight months.
Minister of State for Electronics and IT Rajeev Chandrasekhar said the Indian Semiconductor Mission was currently evaluating the process and the approvals would come after the due diligence.
The government has already received proposals from five firms (Vedanta Foxconn JV, IGSS Ventures, ISMC. Vedanta and Elest) for setting up electronic chip and display manufacturing units with a total investment of ₹1.53 lakh crore.