According to Bloomberg News, Indian Minister of Information and Technology Ashwini Vaishnaw said that after India provides incentives for the semiconductor industry, it is expected that at least a dozen semiconductor manufacturers will start setting up factories in the country in the next 2-3 years.

Ashwini Vaishnaw said in an interview with Bloomberg that the Modi government is committed to developing a complete ecosystem for the chip manufacturing industry and will start accepting applications based on its incentive plan from January 1.

"The response has been very good. All major companies are negotiating with Indian partners, and many people want to come here directly to build their teams." Ashwini Vaishnaw said.

India intends to participate in several stages of chip manufacturing, including chip and display fabs and semiconductor packaging. Ashwini Vaishnaw said that India will start with the manufacture of mature components ranging from 28nm to 45nm and will require candidate companies to provide roadmaps in order to switch to more advanced production technologies over time. TSMC and Samsung, the world’s leading manufacturers of the most advanced chips, recently announced new fabs in the United States and Japan, demonstrating their willingness to expand internationally.

Last week, the Modi government approved a six-year plan worth 760 billion rupees (10 billion U.S. dollars) to promote local chip production. This move may help the South Asian country to reduce the need for expensive imported materials amid global shortages. Dependent on these materials, these materials are used in a variety of products from mobile phones to electric cars. Currently, almost all of India's semiconductor needs rely on overseas manufacturers.

From Japan to Europe to the United States, India has now joined the ranks of these countries. After the global shortage of important parts has hit many important industries and exposed economic vulnerabilities, it has set aside billions of dollars in subsidies for domestic chip manufacturing. .

Vaishnaw said the government has notified the plan and expects the compound semiconductor sector and design and packaging companies to be approved in the next 3-4 months.

"In the next 2-3 years, we will see at least 10-12 semiconductor factories put into production, and we will see that display fabs may finally be completed or put into production, and at least 50-60 design companies will be in the next 2-3 Start designing products within the year.” Vaishnaw said.