The global semiconductor shortage has had a huge impact on the smartphone space as many companies are facing production and transport issues.
So, to overcome this, the Ministry of Electronics and Information Technology has given a green signal to new policies.
According to sources, the Government has approved to offer Rs. 76 thousand crores. Several companies like BOSCH, BHEL, Moschip Tech and many others will be benefitted. Besides, TATA Group is also interested to set up semiconductor plants.
This new scheme provides up to 50% financial assistance from semiconductor and display fabricators. Experts say that the prices of electronics gets cheaper if India becomes the global electronics production hub.
With the arrival of this scheme, many companies will receive a huge boost and foreign companies will come to invest in India.
Although, many companies like Foxconn, Israel’s Tower Semiconductor, Vedanta Group, and Singapore companies are knee to set up semiconductor plants in India.
However, India’s imports are expected to rise from $24 billion to $100 billion by 2025.
Indian Government’s policies might be a game changer across various industries like artificial intelligence, block chain, gaming, drones, and many more.
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