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India has approved a $10 billion incentive plan to attract global semiconductor and display manufacturers to build factories, pushing India to further build a global electronics production center, India's science and technology minister said on Wednesday.
Under the plan, the Indian government will provide financial support of up to 50% of the project cost to eligible display and semiconductor manufacturers, the Indian government said in a statement.
A government source said that Tower Semiconductor of Israel, Foxconn of Taiwan and a consortium in Singapore have all expressed interest in building a chip factory in India, while (Vedanta Group), the Vedanta group, has expressed a strong desire to build a display factory in India.
"the plan will usher in a new era of electronics manufacturing by providing globally competitive incentives for companies in semiconductor, display manufacturing and design," the Indian government said in a statement. "
The Indian government has also approved an incentive scheme to support 100 local companies engaged in integrated circuit and chipset design. India's technology minister said at a news conference that the plan would help India develop a "complete semiconductor ecosystem-from the design of semiconductor chips to its manufacturing, packaging and testing in India".
The Indian government says the plan, which is expected to create about 35000 high-quality jobs and 100000 indirect jobs, will bring advanced technology, more jobs and more investment to India. It also attracts investment worth 1.67 trillion rupees ($8.8 billion).
The Indian government has already provided about $30 billion in incentives to attract some of the world's largest electronics manufacturers to set up factories in India to stimulate domestic industry. The move has helped India become the world's second-largest smartphone manufacturer after China. It also helped India win investment commitments from Foxconn, Witronix and Pegatron, all of which are Apple's top contract manufacturers.
Recently, foreign media reported that Tata Group, one of India's largest enterprise groups, is entering the semiconductor industry and is negotiating with three states to invest up to 300 million US dollars to establish a chip assembly and testing department.
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