Addressing the Indian Semiconductor Association Vision Summit here, he exhorted the industry to come into its own and become comptetive observing that in the past such regimes of protective barriers have all failed. “We cannot slap duty on cheap imports anymore. You must learn to become competitive against such cheap imports and strive to work in an open economy,” he counselled.

Observing that India was emerging as major destination for semiconductor industry, the minister said, following the announcement Semiconductor Policy in fiscal 2007, the country had so far attracted committed investments to the tune of $7 billion (Rs 28,000 crore).

In-principle nod

Apart from these, five more proposals with combined investment of $800 million (Rs 3,200 crore) have been given in-principle clearance for setting up captive solar photovoltaic (PV) cell manufacturing facilities in Fab City coming up in Hyderabad.

Further, three expressions of interest from Videocon ($250 million), Moser Baser ($2 billion) and Hindustan Semiconductor Manufacturing company ($1 billion) for setting up manufacturing facilities in semiconductors and solar PV cells are being actively considered by communications and IT ministry,  the minister for commerce revealed.