Vedanta and Foxconn got a shock in the semiconductor case

Foxconn and Vedanta have suffered a major setback in the semiconductor case. Union Minister Ashwini Vaishnav has asked these companies to re-tell the plan for setting up semiconductor plants. Let me tell you, the Prime Minister is on an American tour. In such a situation, many agreements have been signed between America and India. Semiconductor plant is one of them. Several US companies have talked about setting up their units in India and developing an ecosystem to stake claim in the semiconductor sector. With this it is possible to bring semiconductor revolution in the country. In such a situation, Vedanta and Foxconn have got a big blow due to the words of Ashwini Vaishnav.
On Friday, Union Minister Ashwini Vaishnav said that Vedanta and Foxconn will have to re-state their manufacturing plans to set up semiconductor plants. Which India will examine and approve according to the new rules of its Semicon program. Let us tell you, the Semicon India program was approved by the cabinet in December 2021 with an outlay of Rs 76,000 crore for the development of the semiconductor and display manufacturing ecosystem in India. . Along with this, Ashwini Vaishnav said that the country’s first semiconductor chip will be launched by December 2024.
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 visit India to boost semiconductor manufacturing. The company said in a statement that Micron will set up a semiconductor test and assembly plant in Gujarat and through this a total investment of $ 2.75 billion will be made.