India wants to chip away at norms slowing silicon cos

India plans to streamline regulations and introduce new rules in the coming two months to address the concerns of semiconductor and automotive component manufacturers, Commerce and Industry Minister Piyush Goyal announced. Speaking in a chat with Nikkei Asia, Goyal assured the companies that their worries would be resolved promptly.

During the meeting, Goyal discussed two manufacturers seeking to establish semiconductor and automotive-component manufacturing in India. He clarified that India would not be treated as just a "plus one" destination, emphasizing the nation's commitment to fostering growth in this sector.

Goyal explained that the government has already taken steps to simplify the Bureau of Indian Standards framework and is working on easing the approval process for suppliers. He also acknowledged that there may be instances where importing goods from other countries could hinder fair trading practices and supply goods at predatory prices.

The Union Cabinet has approved the Semicon 2.0 initiative, aimed at developing India's semiconductor design and manufacturing ecosystem. Goyal revealed that the government plans to invest about $50 billion in the semiconductor and associated industry within the next year and a half. He added that this will be followed by the development of Semicon 3.0, indicating a long-term commitment to the sector's growth.