India Tries To Attract Intel, TSMC, GlobalFoundries To Set Up Local Plant

India is in talks with global chipmakers Intel Corp INTC, GlobalFoundries Inc GFS, and Taiwan Semiconductor Manufacturing Co Ltd TSM about setting up local operations, Bloomberg reports.
India aspires to become an electronic hub like neighbor China, Bloomberg notes.
In India, a venture between billionaire Anil Agarwal’s Vedanta Group and Apple Inc AAPL supplier Hon Hai Precision Industry Co Ltd HNHPF, operating as Foxconn, has expressed interest in setting up semiconductor foundries within the country,
The country launched a $10 billion incentives plan in 2021, offering to cover as much as half of a project’s cost to lure display and semiconductor fabricators into setting up a base in India.
India imposed import taxes on devices produced elsewhere and offered financial incentives for local manufacturing to attract smartphone assemblers.
China has set out a vision for semiconductor sovereignty. The Biden administration has a $52 billion plan to reclaim U.S. leadership in chip development. Japan is setting aside billions to attract the likes of TSMC.
U.S. - China trade tensions and Covid-related lockdowns have disrupted global supply chains pushing companies to diversify outside traditional tech manufacturing hubs like China and Taiwan.
Price Action: INTC shares closed higher by 1.12% at $47.06 on Monday.