The government has reportedly formed three panels to evaluate the proposals received under the India Semiconductor Mission (ISM) and aims to approve the first applications soon. 

Five consortiums, including Vedanta-Foxconn, Next Orbit Ventures-Tower Semiconductor and Rajesh Exports, which applied for incentives under ISM’s $10 billion package, are awaiting official sanction to set up semiconductor fabrication units. 

According to sources, the Ministry of Electronics and Information Technology (MeitY) and the Industrial Finance Corporation of India (IFCI) are part of one of the panels that will whet the proposals. A second sub-committee has been drawn from the ranks of the National Investment and Infrastructure Fund (NIIF) while the third sub-committee has been carved out from the 21-member expert group of the ISM and includes three domain experts. The committees are evaluating the proposals on criteria including financial viability, technical expertise, and financing capabilities of the partners, among other aspects.