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New Delhi, The Union <keyword id="19901283" type="General" weightage="20" keywordseo="cabinet" source="keywords">Cabinet</keyword>, chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>, on Thursday approved the establishment of three semiconductor fabrication (fab) units that will start construction within the next 100 days and generate direct employment of 20,000 advanced technology jobs and nearly 60,000 indirect jobs. The semiconductor fab with 50,000 wafers per month capacity will be set up by Tata Electronics Private Ltd (TEPL) in partnership with Powerchip Semiconductor Manufacturing Corp (PSMC), Taiwan, in Dholera, Gujarat. This fab will be constructed with an investment of Rs 91,000 crore, said Union IT Minister <keyword id="19904138" type="General" weightage="20" keywordseo="ashwini-vaishnaw" source="keywords">Ashwini Vaishnaw</keyword>. This fab will cover high-performance compute chips with 28 nm technology, and power management chips for electric vehicles (EVs), telecom, defence, automotive, consumer electronics, display, power electronics, etc, according to the government. Another semiconductor assembly, testing, monitoring, and packing (ATMP) unit with a capacity of 48 million per day by Tata Semiconductor Assembly and Test Pvt Ltd (TSAT) in Morigaon, Assam, will be set up with an investment of Rs 27,000 crore. TSAT semiconductor is developing indigenous advanced semiconductor packaging technologies including flip chip and ISIP (integrated system in package) technologies. It will cover sectors like automotive, electric vehicles, consumer electronics, telecom and mobile phones, etc, according to the government. The third semiconductor ATMP unit for specialised chips will be set up by <keyword id="20541983" type="General" weightage="20" keywordseo="cg-power" source="keywords">CG Power</keyword>, in partnership with Renesas Electronics Corporation, Japan and <keyword id="20776317" type="General" weightage="20" keywordseo="stars-microelectronics" source="keywords">Stars Microelectronics</keyword>, Thailand in Sanand, Gujarat. "This unit with a capacity of 15 million per day will be set up with an investment of Rs 7,600 crore," the Centre said. The CG power semiconductor unit will manufacture chips for consumer, industrial, automotive, and power applications. Within a very short time, the India Semiconductor Mission has achieved four big successes. With these units, the semiconductor ecosystem will get established in India. India already has deep capabilities in chip design. With these units, the country will develop capabilities in chip fabrication. Advanced packaging technologies will be indigenously developed in India with Thursday's announcement. These units will accelerate employment creation in downstream automotive, electronics manufacturing, telecom manufacturing, industrial manufacturing, and other semiconductor consuming industries. The 'Programme for Development of Semiconductors and Display Manufacturing Ecosystem' in India was notified in 2021 with a total outlay of Rs 76,000 crore. In June last year, the Cabinet had approved the proposal of US-based Micron for setting up a semiconductor unit in Sanand, Gujarat. Construction of this unit is progressing at a rapid pace and a robust semiconductor ecosystem is emerging near the unit.

Cabinet approves 3 semiconductor fab units, to generate 80,000 jobs

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/china">China</a> gained three new <a href="https://www.businessinsider.com/category/billionaire">billionaires</a> in one day after the successful launch of its new tech-focused stock market, <a href="https://www.bloomberg.com/news/articles/2019-07-22/three-billionaires-created-on-day-one-of-china-s-new-tech-board?srnd=wealth">Bloomberg reports</a>.</li><li>By the end of the first day of trading, the 25 <a href="https://www.businessinsider.com/category/stocks">stocks</a> listed on the STAR market were up an average of 140%, according to <a href="https://edition.cnn.com/2019/07/21/investing/china-star-market-tech-board/index.html">CNN Business</a>.</li><li>The gains follow a turbulent year for China's ultra-wealthy.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Asia's billionaire count is on the decline, a report by <a href="https://www.wealthx.com/report/the-wealth-x-billionaire-census-2019/">Wealth-X</a> shows, but the success of a new tech-focused market in China may signal a resurgence. Three executives of Chinese tech companies are now billionaires after firms traded for one day on the STAR Market, according to <a href="https://www.bloomberg.com/news/articles/2019-07-22/three-billionaires-created-on-day-one-of-china-s-new-tech-board?srnd=wealth">Bloomberg</a>.Launched on July 22, the STAR market was designed to compete with Nasdaq to trade China's largest tech companies, <a href="https://www.businessinsider.com/what-is-star-market-china-nasdaq-2019-7">Business Insider</a> previously reported. It features looser regulations than other Chinese markets, but its growth may not be sustainable, according to analysis by <a href="https://www.businessinsider.com/what-is-star-market-china-nasdaq-2019-7">Business Insider</a>'s Jack Derwin. There are 25 stocks listed on the Star Exchange. By the end of the first day of trading, they were up an average of 140%, according to <a href="https://edition.cnn.com/2019/07/21/investing/china-star-market-tech-board/index.html">CNN Business</a>. The highest performer, semi-conductor part maker Anji Microelectronics Technology, closed up 400%.Three new Chinese billionaires were minted in one day:<ol><li>The founder of circuit maker Suzhou HYC Technology Chen Wenyuan was the biggest beneficiary of the market's success, according to <a href="https://www.bloomberg.com/news/articles/2019-07-22/three-billionaires-created-on-day-one-of-china-s-new-tech-board?srnd=wealth">Bloomberg</a>. <a href="https://www.bloomberg.com/news/articles/2019-07-22/three-billionaires-created-on-day-one-of-china-s-new-tech-board?srnd=wealth">Bloomberg</a> estimates Wenyuan's net worth to be $2.4 billion.</li><li>Cao Ji, the chairman of lithium battery producer Zhejiang Hangke Technology, now has a net worth of $2.2 billion, according to <a href="https://www.bloomberg.com/news/articles/2019-07-22/three-billionaires-created-on-day-one-of-china-s-new-tech-board?srnd=wealth">Bloomberg</a>.</li><li>The founder and chairman of Arcsoft Corp, Hui Deng, is worth $1.3 billion, according to <a href="https://www.bloomberg.com/news/articles/2019-07-22/three-billionaires-created-on-day-one-of-china-s-new-tech-board?srnd=wealth">Bloomberg</a>.</li></ol>They now join the ranks of China's 285 billionaires, according to <a href="https://www.wealthx.com/report/the-wealth-x-billionaire-census-2019/">Wealth-X</a>.Read more: <a href="https://www.businessinsider.com/french-billionaires-money-luxury-goods-demand-china-arnault-pinault-2019-7">French billionaires have made more money this year than their counterparts in any other country, and they partially have China to thank</a><h2>2018 was a rocky year for the world's wealthiest people</h2>The additions to the billionaire population in China follow a rocky 2018 for the world's wealthiest.The number of billionaires in the world dropped 5.4% in 2018, according to <a href="https://www.wealthx.com/report/the-wealth-x-billionaire-census-2019/">Wealth-X's 2019 Billionaire Census</a>. Billionaires in the Asia-Pacific region suffered the most, losing a collective 13.4% of their ranks in 12 months. China ended the year with 15.7% fewer billionaires than when it began. And those who held on to their billionaire status saw their net worth's drop 7.8%, <a href="https://www.wealthx.com/report/the-wealth-x-billionaire-census-2019/">Wealth-X</a> found. The only country that fared worse than China was India.Market volatility, slowing economic growth and tariff disputes are to blame for the falling billionaire population, according to <a href="https://www.wealthx.com/report/the-wealth-x-billionaire-census-2019/">Wealth-X</a>. And 2018 was also the worst year for Chinese stocks in a decade, ending the year 24% lower than it was at the close of 2017, according to <a href="https://www.cnbc.com/2018/12/31/china-markets-2018-performance-was-worst-in-a-decade.html">CNBC</a>. The budding trade war between the United States and China also decreased global demand for Asian goods, <a href="https://www.wealthx.com/report/the-wealth-x-billionaire-census-2019/">Wealth-X</a> reported.Until 2018, Asia's billionaire class had been growing, <a href="https://www.wealthx.com/report/the-wealth-x-billionaire-census-2019/">Wealth-X</a> reported. But in 2018, the number of billionaires in each of what Wealth-X calls "the major Asia-Pacific billionaire countries" - China, Hong Kong, India, and Singapore - declined.

China's new tech market just minted 3 billionaires in a single day, and it might be a turning point after a rocky year for the country's wealthiest people

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Cabinet approves 3 semiconductor fab units, to generate 80,000 jobs

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China's new tech market just minted 3 billionaires in a single day, and it might be a turning point after a rocky year for the country's wealthiest people

Taylor Nicole Rogers

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