$1 billion for every chip-maker who ‘makes in India’: Report – News 24-7 Live News 24-7 Live
$1 billion for every chip-maker who ‘makes in India’: Report

$1 billion for every chip-maker who ‘makes in India’: Report

Prime Minister Narendra Modi’s ‘Make in India’ drive has helped to turn India into the world’s second-biggest mobile manufacturer after China.

Prime Minister Narendra Modi’s ‘Make in India’ drive has helped to turn India into the world’s second-biggest mobile manufacturer after China. New Delhi believes it is time for chip companies to set up in the country.

“The government will give cash incentives of more than $1 billion to each company which will set up chip fabrication units,” a senior government official told Reuters, declining to be named as he was not authorised to speak with media.

“We’re assuring them that the government will be a buyer and there will also be mandates in the private market (for companies to buy locally made chips).”

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.

News Source : Hindustan Times

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