Make in India and get cash incentives of $1 billion: Govt’s offer to chip-makers
Live MintIndia is offering more than $1 billion in cash to each semiconductor company that sets up manufacturing units in the country as it seeks to build on its smartphone assembly industry and strengthen its electronics supply chain, two officials said. A consortium of investors led by Abu Dhabi-based fund Next Orbit Ventures has shown interest in setting up in India, an auto industry source said. Indian technology ministry officials met executives from the Society of Indian Automobile Manufacturers, a leading auto industry body, earlier this year to assess car makers' demand for chips, three auto industry sources said on condition of anonymity. The government estimates it would cost roughly $5-$7 billion to set up a chip fabrication unit in India and take 2-3 years after all the approvals are in place, one of the auto industry sources said.