Hong Kong: Moving ahead towards the goal of "Atmanirbhar Bharat", India is now all set to enter the market of chip-making with the deal between Indian multinational company Vedanta Limited and Taiwan's Foxconn.

Vedanta is a global diversified natural resource group operating in India, South Africa, Liberia and Namibia. Foxconn is a Taiwanese multinational electronics manufacturer. It is to be noted that semiconductors have become very important for almost all sectors of the economy.

Anil Agarwal-led Vedanta Limited and Taiwan's Foxconn on September 13 signed Memorandums of Understanding (MoUs) with the Gujarat government for setting up a semiconductor and display FAB manufacturing unit in the state with an investment of over Rs 1.54 lakh crore.

The founder and chairman of Vedanta Anil Agarwal had said the MoU will emerge as a chip maker with its own Silicon Valley, reducing the cost of daily-use electronic gadgets to a huge extent.

"This project will create a robust manufacturing base in India on the lines of vision of Prime Minister Narendra Modi. This will also make India reduce its electronic imports," he said. The MoU was signed on Tuesday.

Under PM Modi's visionary leadership, the Government of India has taken several key initiatives to reduce the dependence on imports of electronic goods by giving impetus to domestic manufacturing of electronic, semiconductor products and components, the Union Minister for Electronics and Information Technology Ashwini Vaishnaw had said.

In April, Ashwini Vaishnaw said that India's semiconductor manufacturing has attracted good interest from global companies.

Dr Anil D Sahasrabudhe, Chairperson of the All India Council for Technical Education (AICTE) said had earlier said that India has a lot of interest in boosting its semiconductor industry.

Global Dialogue Forum in partnership with the Indian Association for The Club of Rome organized a conference - BYJU'S Embracing Education's AI-driven Revolution on June 18 and 19 where experts from across the world discussed the latest technological advancements in education and their implications.

The Semicon India Program aims to provide attractive incentive support to companies / consortia that are engaged in Silicon Semiconductor Fabs, Display Fabs, Compound Semiconductors / Silicon Photonics / Sensors (including MEMS) Fabs, Semiconductor Packaging (ATMP / OSAT) and Semiconductor Design.