GoI approved Micron’s $2.7 bn semiconductor packaging plant

The Indian cabinet has given its approval to US chipmaker Micron Technology’s plan to invest $2.7 billion to set up a semiconductor testing and packaging unit in Gujarat. The cabinet approval comes ahead of Prime Minister Narendra Modi’s visit to the United States.
The government will provide production-linked incentives worth Rs 11,000 crore ($1.34 billion) for the semiconductor plant. The report said Micron Technology’s plans come as the White House presses US chip companies to invest in India with talks ongoing about possible further investments.
The Biden administration wants the US companies to decrease the risks of doing business in China while better integrating the United States economy with that of India, the report added citing US officials.