India to Revamp Manufacturing Rules in 60 Days: Piyush Goyal Assures Global Semiconductor and Auto Giants
A strategic overhaul of Bureau of Indian Standards (BIS) norms aims to enhance Ease of Doing Business and pave the way for $50 billion in investments under Semicon 2.0.
In a major push to position India as a global manufacturing powerhouse for semiconductors and automotive components, Union Minister of Commerce and Industry Piyush Goyal announced that the Indian government will amend and implement new regulatory rules within the next two months. Speaking in Tokyo during an interaction with Nikkei Asia, the Minister assured international investors that recent concerns raised by global corporations have been comprehensively addressed.
Key Highlights of the Regulatory Overhaul
Targeted Regulatory Relief: The 60-day action plan specifically targets procedural bottlenecks faced by global players in semiconductor equipment and automotive component manufacturing, streamlining Bureau of Indian Standards (BIS) frameworks and expediting approval processes.
Semicon 2.0 & $50 Billion Vision: Following the Union Cabinet's approval of the ₹1,27,500 crore 'Semicon 2.0' mission, India is targeting approximately $50 billion in investments across the semiconductor ecosystem over the next 18 months, setting the stage for an eventual 'Semiconductor 3.0' phase.
Reframing India's Role: Rejecting the perception of India as merely a secondary "China Plus One" destination, Minister Goyal emphasized that India is building a standalone, competitive primary manufacturing ecosystem.
Stance on Fair Trade & Predatory Pricing: While committing to simplified compliance for legitimate manufacturers and suppliers, the Minister reiterated India's firm stance against non-competitive practices, such as importing goods at predatory prices that harm domestic industry ecosystems.
By aligning regulatory standards with global industry expectations, the government aims to create a seamlessly integrated supply chain and solidify India's status as an attractive destination for high-tech manufacturing.
