India is emerging as a new technology hub of India and with this, it is increasing it’s feet in the semiconductor chip manufacturing industry too. And as a new initiative to increase the manufacturing of the semiconductors in India, government of India has signed an MoU ( Memorandum of Understanding)with an Indian company Vedanta and electronics manufacturing giant Foxconn Group in GIFT city of Gandhinagar, Gujarat. During this signing of MoU, Union Minister Ashwini Vaishnav and Gujarat Chief Minister Bhupendra Patel were present.

While speaking at the event, Anil Agarwal, Chairman of Vedanta Resources Limited, said, “I am extremely glad to announce that the joint semiconductor unit of Vedanta and Foxconn Group is going to be set up in Gujarat”. He further said, “This step will help India move towards self-reliant Silicon Valley”. He said that the semiconductor and display manufacturing unit in the state would make this region its hub. He said, “Till now except the semiconductor and display, the rest could be manufactured in our factories”. On this occasion, Bhupendra Patel said, “Both the companies will invest Rs 1,54,000 crore to set up the unit in Gujarat. This will create one lakh jobs in the state”.

As the demand of chip manufacturing is increasing in world and only a few countries are there who exports chip to the rest of the world, India will become self-reliant with this step now. Now with setting up of this semiconductor manufacturing unit, India can avail semiconductors to whole of India and even after a certain point we can export them too, that will result in growing the export ratio of India.