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According to government sources on April 30, the Indian government is seeking to establish a new corpus of funds to support semiconductor manufacturers setting up shop in the nation, following the nearly exhaustion of the $9.16 billion fund established in 2021.
The sources mentioned that 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% 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.
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