The Indian government is looking to create a fresh corpus of funds to provide subsidies to semiconductor fabricators putting up plants in the country, after the $9.16 billion fund created in 2021 has nearly been exhausted, government sources said on Tuesday, April 30.
The sources said preliminary work on setting up a new corpus has already begun and the corpus is likely to be bigger than the first, although the final announcement will only be made after a new government takes charge upon the completion of the ongoing national elections in June.
Under the current subsidy program, the government offers 50 percent fiscal support toward a semiconductor project and the existing corpus has almost been exhausted, the sources said.
Companies that have already announced projects in India and are eligible for the grant of subsidies are US-based Micron, Taiwan-based Powerchip Semiconductor Manufacturing Corporation, Tata Group’s Semiconductor Assembly and Testing Unit, and Japan-based Sharp.