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Market Chatter: India Allocates INR1.9 Trillion for Chip, Smartphone Production

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India approved state aid worth 1.28 trillion rupees for semiconductor production and 625 billion rupees for smartphones, Bloomberg reported Wednesday citing Technology Minister Ashwini Vaishnaw.

The approval came from Prime Minister Narendra Modi's cabinet on Wednesday in a bid to boost chip and smartphone output, Vaishnaw said while speaking to reporters in New Delhi.

The aid will expedite activities in the chip design, machine fabrication, R&D, and talent creation niches, Bloomberg said, citing Vaishnaw.

The creation of an Indian mobile brand is also a goal set out by Modi, Vaishnaw added.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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