Skip to content
Search

Latest Stories

India ‘loves to see’ investments by semiconductor giants

India ‘loves to see’ investments by semiconductor giants

INTEREST levels among global majors are clearly "high" after India announced a Rs 760 billion (£7.58 bn) semiconductor scheme, a minister claimed.

The government would love to see Intel, TSMC, Samsung, and other technology majors investing in the country, minister of state for entrepreneurship Rajeev Chandrasekhar said on Tuesday (28).


India is keen on welcoming all semiconductor majors to explore “exciting investment opportunities” in the country, he said.

"Among the companies that we would love to see invest in India are Intel, TSMC, Samsung, global foundries...and all other semiconductor technology majors, manufacturing, design and testing companies.

“It is clear that interest levels in global majors after the PM's announcement of Rs 76,000 crore (Rs 760 bn) initiative is much higher and much more serious today than it ever was in the last many years," Chandrasekhar said.

Meanwhile, IT ministry sources said guidelines will be issued in early January 2022 on modalities of applying for semiconductor incentives and that players will be given about 45-90 days to respond.

Earlier this month, the government approved a mega scheme to boost semiconductor and display manufacturing in the country, in a bid to position India as a global hub for hi-tech production.

The move is expected to further India's ambitions to be self-reliant in electronics manufacturing, bring investments and result in 35,000 specialised jobs.

Under the scheme, incentives have been lined up for companies engaged in silicon semiconductor fabs, display fabs, compound semiconductors, silicon photonics, semiconductor packaging and semiconductor design.

With the semiconductor incentive scheme in place, the government expects investments of around Rs 1.7 trillion (£17 bn) and 135,000 jobs in the next four years.

Earlier on Tuesday (28), IT minister Ashwini Vaishnaw took to Twitter to "welcome" Intel to India following a post by Intel Foundry Services president Randhir Thakur lauding the semiconductor design and manufacturing incentives.

The posts created a flutter in the industry as the sector buzzed with talks of US chipmaker's heightened interest in the market.

Vaishnaw tweeted "Intel - welcome to India."

This was in response to a tweet by Intel's Thakur which said, "Congrats to @GoI_MeitY @AshwiniVaishnaw @Rajeev_GoI for Semiconductor design & manufacturing incentives for India as a hub for electronics & semiconductors".

Thakur wrote: "Glad to see a plan laid out for all aspects of the supply chain: talent, design, manufacturing, test, packaging & logistics".

Intel, however, has not issued any official statement detailing out its specific plans or strategy for India, in the backdrop of the new semiconductor incentives.

(PTI)

More For You

BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less
Bank-of-England-Getty

The BoE also revised its economic growth forecast for 2025, reducing it by half. (Photo credit: Getty Images)

Bank of England cuts rates, lowers growth outlook

THE BANK OF ENGLAND (BoE) has cut interest rates by 0.25 percentage points to 4.5 per cent, with some policymakers supporting a bigger reduction to counter economic slowdown. However, the central bank signalled a cautious approach to future cuts, citing inflation concerns and global uncertainty.

The BoE also revised its economic growth forecast for 2025, reducing it by half. Chancellor Rachel Reeves, who has been advocating for faster economic growth, faces a challenge as inflation is now projected to be nearly double the 2 per cent target this year.

Keep ReadingShow less
Bank-of-England-Getty
A general view of the Bank of England on December 19, 2024 in London. (Photo credit: Getty Images)

Bank of England set to reduce interest rate amid weak growth

THE BANK OF ENGLAND is expected to cut its key interest rate on Thursday as it seeks to support weak economic growth, even though inflation remains above target.

Analysts predict the central bank will reduce borrowing costs by a quarter point to 4.50 per cent at its first rate meeting of the year.

Keep ReadingShow less