The Karnataka state government has said that the International Semiconductor Manufacturing Consortium (ISMC) would invest about $3 billion (around Rs 23,000 crore) in India to set up a chip-making plant in Karnataka. The announcement was made by Chief Minister Basavaraj Bommai at a press conference on Sunday.
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This is expected to be a significant move for the Indian electronics industry considering today’s rapid advancements in technology which is seeing outsourcing becoming a more commonplace and more viable option.
India’s first semiconductor fabrication unit is expected to generate more than 1,500 direct jobs and 10,000 indirect jobs, the state’s investment promotion division said in a tweet.
The global chip market was dominated by manufacturers in Taiwan and a few other counties. Now India will also play its role in manufacturing semiconductors globally. The current Indian Government BJP has outlined its plans for investment incentives in this sector.
The government said India’s semiconductor market is forecast to grow to $63 billion by 2026 from $15 billion in 2020.
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