What new partners did Vedanta and Foxconn get, know why the semiconductor deal ended
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However, after this, Union Minister Ashwini Vaishnav told that this will not affect India’s semiconductor program. On the other hand, Foxconn has said in a statement that the decision to end this joint venture was mutual.
What will happen to the semiconductor program
According to Union Information Technology Minister Ashwini Vaishnav, both Foxconn and Vedanta are committed to PM Modi’s Make in India policy and India’s semiconductor programme. The withdrawal of both from the joint venture will not affect the country’s semiconductor program. Explain that Vedanta and Foxconn had signed an agreement in September 2022 to set up semiconductor and display products plants. Both were to set up this plant in Gujarat.
Government made a big plan to increase investment with exports, emphasis on boosting the economy
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In the case of semiconductor, the condition of the country is like that of crude oil. By the year 2025, this market is estimated to reach from $ 24 billion to $ 100 billion. If production is not done in the country, then the import bill will increase by this much amount. If this project of Taiwanese company and Vedanta had started in India, its technology would have come to India. Its direct blow would have been felt by China. Now it remains to be seen how the agreement signed with American companies for making chips materialises. However, the government is trying to take this semiconductor program forward at all costs.
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