India Offers $10bn to Lure Chipmakers to Set up Plants – FT

September 2, 2022

Foreign investors are lining up to capitalise on the opportunity, with new plants planned in Tamil Nadu and Bangalore, the Financial Times said.

Narendra Modi's government has offered $10bn in incentives for computer chip makers to set up factories in India. — Two computer chip producers are looking to set up plants in Tamil Nadu and Bangalore, to take advantage of the government's incentives. AFP pic.

Modi’s government has put forward $10 billion of incentives to tempt firms to set up microchip plants in India, staking its claim in the booming industry, The Financial Times reported.

Foreign investors are lining up to capitalise on the opportunity, the report said, adding that Singapore’s IGSS Ventures agreed to spend on a plant to be built in Tamil Nadu in the south over the next three years, while Abu-Dhabi and Israeli backers signed a letter of intent for a $3 billion plant in Bangalore.

Read the full report: Financial Times.

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Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.

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