Union Cabinet approves MoU signed between India and EU on Semiconductors
New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi approved a Memorandum of Understanding (MoU) signed between India and the European Commission on Working Arrangements on Semiconductors Ecosystems, its supply chain and innovation under the framework of EU-India Trade and Technology Council (TTC).
The MoU was signed on November 21, 2023, to strengthen cooperation between India and the EU towards the enhancement of semiconductors for the advancement of Industries and digital technologies.
The MoU will come into effect from the date of signature and continue until both sides confirm that the objectives of this instrument have been achieved or until one side discontinues its participation in this instrument.
It aims to foster both government-to-government and business-to-business bilateral cooperation to boost the resilience of the semiconductor supply chains and leverage complementary strengths to promote collaboration in the field of semiconductors.
The MoU follows Centre's Programme for Development of Semiconductor and Display Manufacturing Ecosystem in India, which was introduced with a view to ensure the development of a robust and sustainable semiconductor and display ecosystem in India.
The said program aims to extend fiscal support for establishment of range of entities that will facilitate manufacturing of semiconductors in India.
These include Semiconductor Fabs, Display Fabs, Fabs for Compound Semiconductors/Silicon Photonics/Sensors/Discrete Semiconductors and Semiconductor Assembly, Testing, Marking, and Packaging (ATMP)/Outsourced Semiconductor Assembly and Test (OSAT) facilities.
Further, the India Semiconductor Mission (ISM) has been established under Digital India Corporation (DIC) to drive India’s strategies for the development of the semiconductor and display manufacturing ecosystem in the country.
MeitY has also been mandated to promote international cooperation in the emerging and frontier areas of Electronics and Information Technology under bilateral and regional frameworks.
Enhancing bilateral collaboration to boost the semiconductor supply chains and leverage complementary strengths to promote collaboration in the field of semiconductors, India and the EU signed this MoU which is another step towards mutually beneficial semiconductor-related business opportunities and partnerships between India & EU.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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