The much-awaited Prime Minister Narendra Modi’s US Visit is underway and as per recent updates, the Indian cabinet has reported granted an approval to US chipmaker Micron Technology.
According to a Reuters report, the cabinet has given this approval to Micron to proceed with its $2.7 billion plan for a semiconductor testing and packaging unit. Along with this, the cabinet also reportedly sanctioned production-linked incentives worth Rs 110 billion for this plant.
The report adds that this Micron plant is expected to be constructed in Gujarat and an official announcement is awaited and may be made during the on-going US visit of PM Modi.
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The cabinet’s approval for Micron’s plant stems from “the significant size of the incentive package, the source told Reuters. While reports of Micron’s plan had surfaced previously, the likely cabinet approval is a notable development.”
PM Modi’s this visit is being considered significant for relationships with countries. During his visit, PM Modi is also scheduled to host meetings with top executives from main American companies like FedEx and MasterCard.
Even today, on June 21, PM Modi will lead the International Yoga Day celebrations. This will be followed by a state dinner hosted at the White House on June 22, where he is expected to be honoured.
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The report also adds that discussions about the potential of further investments are ongoing and more announcements are expected in the coming days. As far as Micron goes, the venture reportedly coincides with the White House’s efforts to encourage US chip companies to invest in India.
