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In a significant boost to India's semiconductor ambitions, Lam Research, a US-based semiconductor services company, has announced a major investment of over Rs 10,000 crore in India. This move
In his X post, Union Minister Ashwini Vaishnaw on Tuesday informed about the major investment and said that this move is a big vote of confidence in Prime Minister Narendra Modi's semiconductor vision. https://x.com/AshwiniVaishnaw/status/1889345961413025932 "One more milestone in our semiconductor journey: Lam Research announces major investment of over Rs 10,000 cr in India. Big vote of confidence in PM @narendramodi Ji's semiconductor vision," he posted on X. The investment is part of Lam Research's plans to expand its global chip fabrication equipment supply chain to include India. The company has already signed a memorandum of understanding with the Karnataka government to lease and eventually purchase a land parcel at Whitefield in Bengaluru. This development is a significant milestone in India's semiconductor journey, which aims to build a sustainable semiconductor and display ecosystem in the country. The Indian Semiconductor Mission (ISM) has approved five projects under the India Semiconductor Mission, with a total outlay of Rs 76,000 crore. The semiconductor market in India is projected to grow to USD 103.4 billion by 2030, powering the over USD 400 billion electronics market. The government's targeted incentives for fabrication facilities and outsourced semiconductor assembly and testing, increased R&D investments, and collaborative industry initiatives are key to propelling India's semiconductor sector forward. Lam Research's investment is a testament to the government's efforts to promote domestic semiconductor manufacturing. The company's plans to advance India's semiconductor workforce through virtual nano fabrication environments and training programs will also help address the talent shortage in the industry. Earlier, the Ministry of Finance has highlighted the significant announcements related to the development of the semiconductor and electronics manufacturing ecosystem. In a social media post, the ministry stated that "The Scheme for 'Programme for development of Semiconductors and Display Manufacturing Ecosystem' aims to provide attractive incentive support to semiconductor packaging and semiconductor designing companies." The Semicon India Programme, approved on December 15, 2021, has made significant strides in strengthening India's position in the global semiconductor industry. Under the programme, the government has approved five semiconductor projects and supported 16 semiconductor design companies. These initiatives are expected to attract a cumulative investment of Rs 1.52 lakh crore. Moreover, the projects are projected to generate around 25,000 advanced technology direct jobs and an additional 60,000 indirect jobs, marking a significant milestone in boosting India's technological workforce. The programme is designed to provide attractive incentives to companies involved in semiconductor packaging and designing, aiming to establish India as a global hub for semiconductors and display manufacturing.(ANI)
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