Micron to invest $2.7 billion in India, the first plant will be set up in this state- Watch Video

Prime Minister Narendra Modi during his US visit held a meeting with Sanjay Mehrotra, CEO of American chip company Micron Technology and invited the company to come to India to promote semiconductor manufacturing. Micron will set up a semiconductor test and assembly plant in Gujarat with a total investment of $2.75 billion, the company said in a statement. Micron said it would invest $825 million on its part on this plant to be developed in two phases. The remaining amount will be invested by the Central and State Governments of India.

Significantly, the central government is encouraging semiconductor development in the country. To overcome the shortage of semiconductor chips in the country, the Center has also approved the scheme of Production Linked Incentive (PLI) worth Rs 76 thousand crore. The Indian semiconductor market was valued at $27.2 billion in the year 2021 and is expected to reach $64 billion by 2026 with an annual growth of 19%.