The Rs 76,000-crore scheme to spur semiconductor manufacturing will enable India to become an electronics hub and encourage companies to start manufacturing in the country, NXP India said on Wednesday.
It is a big step that will put India on the world map of the semiconductor industry, and in the long-term issues like sudden surge in demand for semiconductors will also be addressed, Sanjay Gupta, Managing Director of NXP India said in a statement.
NXP is one of world’s largest semiconductor manufacturers and a key automotive component supplier.
Commenting on semiconductor scheme approved by the government, Gupta said: “This will enable India to become an electronics hub and encourage corporates to start manufacturing in India”.
It will also pave the way for the industry to broaden the horizon of research, manufacturing and export, Gupta added.
This move will make the Indian manufacturers globally competitive to attract investment in the areas of core competency and cutting-edge technology, Gupta noted.
The government on Wednesday approved Rs 76,000-crore scheme to boost semiconductor and display manufacturing in the country, in an bid to position India as a global hub for hi-tech production, and attract large chip makers.
The move would further India’s ambitions to be self-reliant in electronics manufacturing, bring massive investments and result in 35,000 specialised jobs apart from indirect employment for one lakh people.
Under the scheme, incentives have been lined up for companies engaged in silicon semiconductor fabs, display fabs, compound semiconductors, silicon photonics, sensors fabs, semiconductor packaging and semiconductor design.