BANGALORE, India The Indian government will soon announce a policy that will enable it take equity in and help boost the manufacture of high-technology products, such as semiconductors, wafers, storage devices, plasma and LCD panels.
Through an investment vehicle, the government will also have equity participation in entities that manufacture such products for the next three years. A national semiconductor policy will also be framed through a committee set up for this purpose under the country’s ministry of communications and information technology.
Announcing the country’s annual financial policy in New Delhi today, Federal finance minister P. Chidambaram said, "The time is ripe to make India the preferred destination for foreign direct investment in information technology and high-technology manufacturing."
Chidambaram added the ministry of communications and information technology has set no specific date to unveil the manufacturing policy.