Odisha begins construction on $4.7B India's 1st compound semiconductor fab
Business
Odisha is stepping into the tech spotlight with a massive $4.7 billion investment to build India's first compound semiconductor fab and an advanced 3D chip packaging plant.
The state has moved quickly: construction kicked off within six to eight months of approval, according to Vishal Kumar Dev, additional chief secretary of the state's Electronics and IT Department.
Projects aim to cut chip imports
These projects are part of a bigger national push to make more chips at home, since India still imports about 90% to 95% of its semiconductors.
The government hopes new facilities like these will help meet up to half of the country's chip needs by 2035 and cut down on costly imports, a move Prime Minister Modi called a "golden opportunity" as global supply chains shift.