Government plans new $11 billion fund to support chipmaking in India

India is preparing to launch a new $11 billion fund to support domestic chipmaking, according to a report by Bloomberg. The initiative expected within the next two to three months will offer subsidies for chip design projects, manufacturing equipment and supply chain development. The Bloomberg report further highlight that Prime Minister Narendra Modi is accelerating India’s semiconductor campaign as part of his broader vision to make the country a global manufacturing hub. While India’s chip industry is still on its early stages, the government hopes to replicate the success it has in attracting Apple, which now assembles 25% of iPhones in India.

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