Ashwini Vaishnaw expects more companies to start production of memory chips in India

New companies are likely to invest in India to manufacture memory chips while existing investors will scale up production to address the demand-supply gap in the segment, Union minister Ashwini Vaishnaw said in an interview to PTI.

Strong demand for memory (data storage) cards and advanced chips has tightened global supplies and supported higher prices in past quarters, and manufacturers have been sprucing up investments and production capacities to meet market requirements worldwide. The higher memory chip prices have, in turn, led to a rise in production costs for a range of electronic products, including smartphones and laptops.