During PM Modi's visit to the US, India approves Micron's $2.7 billion chip testing facility

21 Jun 2023 , 11:59 AM

News reports said that the Indian cabinet has given the go-ahead for U.S. chipmaker Micron Technology to move on with its $2.7 billion plan for a semiconductor testing and packaging unit as Prime Minister Narendra Modi arrived in the United States.

According to the report, the cabinet has also approved production-related incentives worth 110 billion rupees ($1.34 billion) for the facility, which is planned to be built in Gujarat.

Throughout Modi’s current trip to the United States, an official announcement is anticipated.

The White House is encouraging American semiconductor makers to make investments in India, and Micron Technology’s project is in line with those objectives. According to U.S. administration sources who spoke to Reuters, discussions regarding potential future investments are still ongoing.

According to news reports, President Biden wants to encourage greater economic integration between the U.S. and the greatest democracy in the world while lowering the risks involved with doing business in China for local companies.

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