The Tamil Nadu government has introduced the 'Semiconductor and Advanced Electronics Policy 2024' during the Global Investors Meet (GIM), aiming to contribute 40 per cent to India's electronics exports.
This policy focuses on attracting anchor investments in semiconductor and advanced electronics manufacturing, with a goal of cultivating a skilled workforce exceeding two lakh individuals by 2030.
With this, Tamil Nadu has become the third only State in India to announce a dedicated policy.
The state aims to establish a semiconductor design ecosystem through incentives, funding, and fostering collaboration between industry and academia. The policy will be valid for three years from the date of notification.
Gujarat was the first state in announcing a dedicated semiconductor policy in July 2022, which has proved beneficial in attracting investments, including the $2.7 billion Micron Technology project.
Tata Group is also poised to unveil a larger project in the vicinity, and Foxconn has submitted a renewed application with a commitment to establish a plant in Gujarat.
Following suit, Odisha introduced a similar policy in 2023.
Tamil Nadu's state government has pledged to provide up to 50 per cent additional financial incentives to semiconductor projects selected under the Centre's $10 billion chip subsidy plan, which matches the incentives offered by Gujarat.
Additionally, it commits to offering 25 per cent of the project's capital cost, along with concessional access to land, power, water, and other utilities.
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