India unveils $10.2B plan to attract semiconductor makers

ASHOK SHARMA
Associated Press

NEW DELHI (AP) — India has announced a $10.2 billion incentive plan in an attempt to attract global chipmakers and transform the country into a semiconductor production hub. The plan announced Wednesday by government officials comes amid a global semiconductor shortage which has delayed delivery of consumer goods including cars. The supply disruption has been caused by the COVID-19 pandemic. India wants to woo companies that could shift their manufacturing bases from China amid trade disputes between United States and China. India’s government will extend financial support of up to 50% of a project’s cost to eligible display and semiconductor fabricators.