With an aim to cater to the growing domestic demand for mobile phones and other smart devices and to cut down on the imports, the government is going to invest US$10 billion in the chip manufacturing facilities.
The manufacturing units will be set up in Gujarat and Uttar Pradesh. The government has received interests from a consortium of companies who are willing to set up manufacturing bases in Gujarat and Uttar Pradesh. Besides, investing in chip manufacturing facilities, the government is also looking forward to invest US$400 million in developing microprocessors within the country.
Both the initiatives are aimed at creating an ecosystem that lays focus on high ended innovation within the country. The government has created Electronics Development Fund to leverage the venture capital funds to promote innovation and startups in the country including these two initiatives.
