About $8 billion of the $10 billion allocated by the Union authorities for the manufacturing of semiconductors below the production-linked incentive (PLI) scheme stays untapped, a high Industry Ministry official mentioned on Tuesday.
Urging Korean buyers, who’ve invested $5.6 billion in India since April 2000, to make use of the semiconductor PLI together with upcoming alternatives for investments in battery storage options, Department for Promotion of Industry and Internal Trade Secretary Rajesh Kumar Singh mentioned that India and Korea should purpose to reinforce bilateral commerce to $50 billion by 2030.
“India is trying to create a transition to a much stronger manufacturing base through schemes like the PLI under which over $26 billion is being provided as incentive in 14 sectors of the economy. In high tech areas like the Semiconductor Mission, we are also providing an incentive of over $10 billion to encourage semiconductor makers to manufacture in India. There are opportunities there for Korean companies, where almost $8 billion out of that $10 billion remain unsubscribed,” Mr. Singh mentioned.
“We also have an important bid opening soon for over 20 gigawatt hours of storage and mobility battery capacity in India. That’s another area where we hope Korean companies take advantage of these opportunities,” he emphasised.
“I take note of the suggestion that we must upgrade and enhance our CEPA (Comprehensive Economic Partnership Agreement) to further strengthen this relationship,” Mr. Singh mentioned on the India-Korea Business Partnership Forum hosted by the Confederation of Indian Industry and the Korea International Trade Association.
