: ISMC to set up India’s first semiconductor fabrication unit in Karnataka #FinanceIndia #StockMarketNEWS ISMC to set up India’s first semiconductor fabrication unit in Karnataka New Delhi, May

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ISMC to set up India’s first semiconductor fabrication unit in Karnataka #FinanceIndia #StockMarketNEWS
ISMC to set up India’s first semiconductor fabrication unit in Karnataka New Delhi, May 2 (KNN) International semiconductor consortium (ISMC) has announced its plan to set up India’s first semiconductor fabrication unit. It will invest USD 3 billion in Indias southern Karnataka state to set up a chip-making plant.

ISMC, which is a joint venture between Abu Dhabi-based Next Orbit Ventures and Israels Tower Semiconductor, is expected to generate more than 1,500 direct jobs and 10,000 indirect jobs.

Rajeev Chandrasekhar, Minister of State for Electronics and IT, said apart from fiscal support, semiconductor fabs set up in India will be supported through purchase preference in the procurement of electronic products by the government under the Public Procurement (Preference to Make in India) Order.

In order to widen and deepen the electronic manufacturing and ensure the development of a robust and sustainable semiconductor and display ecosystem in the country, the Union Cabinet approved the Semicon India Programme with an outlay of Rs 76,000 crore on December 15.

Semiconductors are the building blocks of electronic devices ranging from smartphones and cloud servers to modern cars, industrial automation, critical infrastructure, and defence systems.

Prime Minister Narendra Modi is trying to push companies to set up semiconductor and display operations in India.

He wants Indias semiconductor market to grow to USD 63 billion by 2026 from USD 15 billion in 2020. (KNN Bureau)

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