India plans to reopen the application process for $10 billion in incentives and assistance to encourage chip manufacturing, as previously announced projects are taking too long, Bloomberg News said on Wednesday, citing people familiar with the matter.
Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo
May 10 - India plans to reopen the application process for $10 billion in incentives and assistance to encourage chip manufacturing, as previously announced projects are taking too long, Bloomberg NewsIndia is keeping the process open-ended, doing away with a previous 45-day requirement to submit applications, the report said.
The South Asian country now plans to allow companies to apply again and is set to accept applications until its budgeted $10 billion in incentives is exhausted, the report said. The previously announced short window for applications led to just a few applicants for the scheme, including a partnership between Vedanta Resources Ltd and Taiwan's Foxconn
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