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US sees scramble for $53 bn chip fund plan
Mint Mumbai
|August 10, 2023
More than 460 companies have expressed interest in subsidy funding
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The US commerce department on Wednesday said that more than 460 companies have expressed interest in winning government semiconductor subsidy funding in a bid to boost the country's competitiveness with China's science and technology efforts.
The White House was marking the one-year anniversary on Wednesday of President Joe Biden's signing of the landmark "Chips for America" legislation providing $52.7 billion in subsidies for US semiconductor production, research and workforce development.
Biden said in a statement that companies have announced $166 billion in semiconductors and electronics manufacturing over the last year, adding the law will "make America once again a leader in semiconductor manufacturing and less dependent on other countries for our electronics or clean energy supply chains."
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