Key Highlights
- Micron announced on 4th October that it would invest around $100 billion (nearly INR 8,14,500) to build a semiconductor plant in New York state, capitalizing on the US policies to improve domestic manufacturing of key goods.
- The chip giant, based in the western state of Idaho, said it plans to start construction in 2024 on a project anticipated to be executed over two decades.
A Micron news release said New York state is offering $5.5 billion (nearly INR 44,800 crore) in state incentives over the build-out. The project also expects to use tax credits under the Chips Act signed into law by President Biden in the month of August.
New York Governor Kathy Hochul likened the drive to a fourth industrial revolution and alluded to an improvement in fortunes for an upstate New York region that had lost thousands of manufacturing jobs in earlier decades, at an event in Syracuse to announce the investment.
Micron said the venture would create 50,000 jobs in the state, including 9,000 at Micron. It also describes the plant as the largest semiconductor fabrication facility in the history of the United States.
Biden touted the investment as reflecting the importance of the Chips and Science Act, which included around $52 billion (nearly INR 4,23,300 crore) to promote the production of microchips, the tiny but powerful and corresponding to hard-to-make components at the heart of almost every modern piece of machinery.
Shortages of semiconductors have been a drag on the global economy during the pandemic, crimping the production of automobiles, personal electronics and other goods.
Micron Chief Executive Sanya Mehrota said the investment would deliver benefits beyond the semiconductor plant by strengthening the US technology leadership and economic & national security, driving American innovation and competitiveness for decades to come.
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