Raj Kumar, the founder and the group CEO of IGSS Ventures, said that India should decide on an application filed by various investors and tech consortiums to manufacture semiconductors in the country by October. because global investors and technology partners have become impatient and wary as well.
Singapore-based IGSS proposed to set up around 26000 crore fabrication units in Tamil Nadu and is waiting for approval from the center. Vedanta Foxconn is a joint venture and is begging the central government for incentives to set up multi-billion semiconductor fabs in the nation.
Kumar’s words:
The government must build on previous work done and jumpstart the industry into the next stage, by deciding on the information and track record that is in front of them. ET has reported that the ISMC consortium has written a letter to the center seeking faster decision-making on the incentives. The Union government announced a $10 billion incentive package to kickstart semiconductor manufacturing in December last year. But it has not cleared any of the applications so far.
The semicolon India program was released after a lot of work between 2019-2021 December 15, 2021. There have been numerous false starts in the last few years for various reasons.
FAQ
- Who is Raj Kumar?
Ans. The founder and group CEO of IGSS Ventures.
- What is the worth of the upcoming project in Tamil Nadu?
Ans. 26000 crore
- How much money was given by the Union government to kickstart the manufacturing of semiconductors last year?
Ans. $10 billion