India Woos Global Tech Companies with Incentive Schemes and Micron Technology Investment. Communications Minister Ashwini Vaishnaw is scheduled to meet top executives of tech and semiconductor companies in the US, including HP, Dell, Intel, and Google, to woo them to invest in India in areas such as laptops and semiconductor chips.
The Indian government has introduced two schemes to attract multinational corporations. The first is the production-linked incentive (PLI) scheme, which provides incentives to companies, and the second is the semiconductor scheme. The semiconductor scheme is worth Rs 76,000 crore and provides uniform fiscal support of 50% of project cost for semiconductor fabs across technology nodes and display manufacturing.
In April, Apple Company became the first brand to export more than $5 billion from India, reducing its dependence on China. This move is indicative of the growth potential of India’s technology sector, and other multinational corporations are taking notice.
Micron Technology, the world’s fifth-largest semiconductor company, is planning to set up an assembly, testing, marking, and packaging (ATMP) facility in India involving an investment of around $1 billion. The company will use the facility to process some of its own wafers manufactured across the globe. Micron Technology has 11 manufacturing sites across the US, Japan, Malaysia, Singapore, Taiwan, and China.
Headed by Sanjay Mehrotra, an Indian-origin executive who studied at BITS Pilani, Micron Technology has been scouting around the globe for more than a year for a place to set up a semiconductor packaging facility. The proposed ATMP facility in India could be a major win for the Indian government, as it would be a significant step towards making India a global manufacturing hub for technology products.
The Indian government’s efforts to attract global companies to invest in India’s technology sector are part of its broader strategy to make India a hub for technology manufacturing. The PLI scheme and the semiconductor scheme are just two of the measures that the government has introduced to achieve this goal.
Overall, India has a lot of potentials to become a major player in the global technology market, with its large pool of skilled workers, a rapidly growing economy, and a government that is committed to making India a hub for technology manufacturing. The government’s efforts to attract multinational corporations to invest in India’s technology sector are a step in the right direction, and if successful, could have significant benefits for India’s economy and its people.
