The PM discussed investment opportunities in India’s telecom and electronics sectors, and the government’s recently announced production linked incentive schemes for Electronics System Design and Manufacturing
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Prime Minister Narendra Modi, today, met chip giant Qualcomm’s chief executive office (CEO) Cristiano Amon in the United States (US) today. According to an announcement by the Ministry of External Affairs (MEA), the PM discussed investment opportunities in India’s telecom and electronics sectors, and the government’s recently announced production linked incentive schemes for Electronics System Design and Manufacturing (ESDM).
Further, the two also discussed developments in India’s semiconductor supply chain and strategies to build the “local innovation ecosystem" in the country.
The Indian government has been working on schemes to attract semiconductor companies to the country. In May, Ajay Sawhney, Secretary, Ministry of Electronics and Information Technology (MeitY) had said that the government had received expressions of interests (EoIs) from several semiconductor firms and will come out with a scheme for semiconductors in the next six months.
In June, Rajeev Khushu, chairman of the India Electronics and Semiconductor Association (IESA), said that the government has received over 20 EoIs from semiconductor firms who want to set up shops in India.
Last month, N Chandrashekharan, chairman of the Tata Group, confirmed that the company is looking to enter the semiconductor space. “At the Tata group, we have already pivoted into a number of new businesses like electronics manufacturing, 5G network equipment as well as semiconductors, in all probability," Chandrashekharan said, while speaking at the annual general meeting of the IMC Chamber of Commerce and Industry.
The Vedanta Group has also been said to be interested in forming strategic partnerships that will allow the company to enter the semiconductor industry. Khushu said that India should focus on specialty fabs, which play a key role in power, health and other important sectors.