Plans to build a sizable semiconductor manufacturing facility in Gujarat have been revealed by The Vedanta Group and Foxconn, a Taiwanese electronic manufacturing giant. The news was revealed on Twitter by Vedanta Group chairman Anil Agarwal.
Details about Gujarat will get 100000 new jobs thanks to Vedanta Group Chairman Anil Agarwal
“Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in #Gujarat. Vedanta’s landmark investment of 1.54 lakh crores will help make India’s #Atmanirbhar Silicon Valley a reality,” Agarwal tweeted. He went on to say “This project will help fulfill Hon’ble PM Narendra Modi Ji’s vision of creating a robust manufacturing base in India. It will reduce our electronics imports & provide 1 lakh direct skilled jobs to our people and encourage people to start the to business that helps to generate job creators!”
The Gujarat government and Vedanta and Foxconn signed a memorandum of understanding (MoU) on Tuesday to develop the facility in the state. Ashwini Vaishnav, the minister for railroads, communications, electronics, and information technology, was present when the MoU was inked in Gandhinagar.
According to sources, Gujarat provided Vedanta with financial and non-financial incentives, like capital expenditure grants and affordable power, to help them build its semiconductor factory. In Ahmedabad, the project would include manufacturers of displays and semiconductors.
Gujarat’s chief minister, Bhupendrabhai Patel, claimed that the effort will generate more than 100,000 employees and that Gujarat would offer whatever support it could to the project, which it narrowly defeated Maharashtra to win. This is a critical step in advancing India’s semiconductor manufacturing objectives, according to Prime Minister Narendra Modi.
Foxconn claims that the government’s active support and the state’s infrastructure “increases confidence in setting up a semiconductor factory.” The government projects that India’s semiconductor market would grow from $15 billion in 2020 to $63 billion in 2026.