During Prime Minister Narendra Modi's State visit to the US last week, Micron Technology announced a massive India-specific investment plan.
Micron said it selected Gujarat due to its manufacturing infrastructure
Union Minister Ashwini Vaishnaw on Monday said current Central Government has succeeded in attracting investments in emerging technology, and stated that India is the next important location for semiconductor manufacturers. Congress has attempted to do so since the 1980s but was not successful.
During Prime Minister Narendra Modi's State visit to the US last week, Micron Technology announced a massive India-specific investment plan.
On Thursday, hours after PM Modi met Micron CEO Sanjay Mehrotra in the US and invited him to boost semiconductor manufacturing in India, the global semiconductor major announced plans to build a new assembly and test facility in Gujarat in India with an investment of $825 million (nearly Rs. 6,800 crore). Once set up, the facility will address demand from domestic and international markets.
Micron said it selected Gujarat due to its manufacturing infrastructure, conducive business environment and a firm talent pipeline in the SANAND Industrial Park (Gujarat Industrial Development Corporation — GIDC).
Phased construction of the new assembly and test facility in Gujarat is expected to begin in 2023. Micronexpects Phase 2 of the project, which would include the construction of a facility similar in scale to Phase 1, to start towards the second half of the decade.
"This was a very historic visit. It is a very proud moment when India was discussed in the White House. The US sees India as an equal partner. Several foreign policies focusing on India were signed during the visit. India and US are coming together as a big force. PM Modi's visit is considered a milestone globally. India has now become a force to reckon with," said IT minister Ashwini Vaishnaw.
During PM Modi's US visit, partnerships on 35 emerging technologies, including on semiconductors, space, quantum computing, and AI, among others, were signed.
According to the minister, jet engine manufacturing in India by HAL is the most significant milestone.
In a major announcement coinciding with PM Modi's visit, GE Aerospace announced that it has signed a Memorandum of Understanding (MoU) with Hindustan Aeronautics Limited (HAL) to produce fighter jet engines for the Indian Air Force. These state-of-the-art jet engines, known for their endurance and durability, will enhance the capacity of the Indian Air Force.
Co-production of jet engines for the Indian Air Force, defence industrial collaboration, space sector cooperation, semiconductor supply chain and innovation partnership and collaboration in emerging Artificial Intelligence technology are among key takeaways from Prime Minister Narendra Modi's visit to the US and his bilateral meeting with President Joe Biden.
"India tried for 40 years to develop the semiconductor industry but this is the first time a major semiconductor player, Micron is coming to the country," Vaishnaw added.
"Today it is very clear all over the world that India will be the next big distinction of Semiconductor, now the way the whole company has seen India from a different point of view and an MoU has been signed between US and India 3 months ago in Semiconductor Corporation, which resulted during the state visit of Prime Minister, there have been 3 major advances related to semiconductor."
"Congress is hiding its frustration, it is their frustration, Congress's frustration is that they tried twice, tried thrice, tried in the 80s, tried in the 90s, tried back in 2010, all three times they failed, to bring the semiconductor industry in India."
Today, India, according to Vaishnaw, India is clearly focused on technology, joint development of technology, and how India's position can be ent in the global world order.
About Micron's plant in India, Vaishnaw it will be ready in record six quarters — by late 2024.
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