October 2022 is the deadline for India to make a decision on applications submitted by a variety of investor-tech consortiums to manufacture semiconductors. Raj Kumar, founder and group CEO of IGSS Ventures, told that international traders and technology partners have become “wary and impatient” as a result of the current economic situation.
IGSS, is based in Singapore, has put forward a proposal to establish a 26,000-crore fabrication unit in Tamil Nadu and is currently awaiting approval for incentives from the Central Government.
The consortium is in competition with ISMC Analog. It is supported by Tower and the three-way partnership between Vedanta & Foxconn. They are looking to get financial incentives from the central government to set up multi-billion semiconductor fabs within the country.
“The government must build on previous work done and jumpstart the industry into the next stage, by deciding based on the information and track record that is in front of them,” Kumar said.
The ISMC consortium has written a letter to the Centre requesting that a decision be made on the incentives in a more expeditious manner. In December of the previous year, the government of the Union presented a $10 billion incentive scheme in the hopes of jumpstarting the manufacturing of semiconductors. In February of this year, they rolled out the list of candidates for the various nodes on the list.
“On December 15, 2021, the Semicon India Program was released after much work was done between 2019-2021. However, there have been quite a few false starts in the past for various reasons,” Kumar said.