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BENGALURU: Finance minister Nirmala Sitharaman has urged US semiconductor makers to step up investments in India.
"FM spoke of the opportunities for companies situated in Silicon Valley for the entire semiconductor value chain and the government of India’s commitment to be a reliable player in the entire value chain with dedicated incentive for the sector in mission mode through the Indian Semiconductor Mission," the ministry of finance said in a tweet.
Last year, the Union government approved a ₹76,000-crore production linked incentive (PLI) scheme to boost semiconductor and display manufacturing in the country to position India as a global hub for hi-tech production and attract large chip makers.
Industry leaders from the semiconductor ecosystem, including design, manufacturing, equipment, technology and systems in San Francisco, informed the finance minister during the roundtable meeting that they have substantially scaled their capabilities in India in the last few years and are also collaborating with academia for R&D.
“The participants also mentioned that in view of global supply chain disruptions, they need to review overreliance of supply chain in certain jurisdictions and with the right policies and talent in place, next decade will belong to India," the ministry of finance said in a tweet.
The finance minister during the last leg of her US visit also met Uber CEO Dara Khosrowshahi, who shared the company’s investment and expansion plans including, quadrupling the number of drivers on the platform to 2 million in India.
“Finance minister Sitharaman acknowledged Uber’s expansion plans in India and said that technology plays an important role in strengthening transportation and mobility sectors as well as last mile connectivity," the finance ministry said in another tweet.
The minister was in the US to attend the International Monetary Fund (IMF) and World Bank Spring meetings 2022, G20 Finance ministers and central governors meeting, and the Financial Action Task Force meeting.
Sitharaman also met the First Solar CEO Mark Widmar and the two discussed India’s renewable energy landscape and the company’s $700 million investment. Widmar told Sitharaman that the plant will be operational shortly and it is the company’s lowest-cost factory across jurisdictions with a very low carbon footprint and recycles 90% of the material.
Widmar pointed out that the Indian government’s new policy facilitates companies to operate at a level-playing field, and opportunities around green hydrogen and sustainable energy were also discussed at length.
“Widmar also emphasised that due to the climatic advantages available to India and GoI’s push through PLI, India is sure to emerge as a global player in PV manufacturing," the ministry of finance said in a tweet.
The finance minister also urged industry leaders during a roundtable meeting jointly organised by the USIBC and CII to participate in India’s growth story.