India Business News: The Indian government has taken a significant step toward becoming self-reliant in semiconductor production by approving the establishment of three semiconductor fabrication units. The approval, announced on February 29 by the Union Cabinet, involves an investment of Rs 1.26 lakh crore ($15.2 billion). The move is aimed at reducing India's heavy dependence on imported chips, essential for various sectors such as defence, automobiles, and telecommunications.
The planned semiconductor facility in India faces setbacks as chip consortium ISMC's partnership with Israeli chipmaker Tower is stalled due to Intel's ongoing takeover.