Foxconn-Vedanta has been asked to resubmit their proposal for semiconductor manufacturing in India and will be re-evaluated based on their fresh proposal. Semicon India Programme was approved by the cabinet in December 2021 with an outlay of Rs 76,000 crore for the development of semiconductors and display manufacturing ecosystem in India
Under the Modified Semicon India Programme, the government has increased the financial incentive of 50 percent of the project cost for companies, consortia, joint ventures for setting up semiconductor fabs in India of any node (wafer size).
Get latest articles and stories on Latest News at LatestLY. Some applicants including Vedanta Foxconn JV are expected to re-apply for government incentives under the modified semiconductor scheme opening from June 1, according to sources. Latest News | Some E-chip Firms Including Vedanta to Re-apply Under Revised Scheme Opening on Jun 1.
The Prime Minister knows it well that despite living in a foreign country for decades, the diaspora believes in the India story and actively wants to be a part of it