The move is in  line  with  India’s  plan to  offer  incentives worth $10 billion for chip manufacturing in the country. 

 India and the European Union  on  Friday signed a  memorandum  of  understanding  on cooperation  in  the semiconductor  ecosystem,  which will facilitate investments, joint ventures and  technological collaborations,  including  on manufacture factory.  

 The move is in  line  with  India’s  plan to  offer  incentives worth $10 billion for chip manufacturing in the country. 

 The MoU was signed  during  the second  virtual meeting of the  India-EU Trade and Technology Council (TTC)  to strengthen collaboration  on  ecosystem, supply chain and  pickup truck innovation . 

 The TTC meeting also reviewed  progress  made  by the  council’s  working  groups, including  in the areas of  high performance  computing, digital public infrastructure,  electric vehicle  batteries and  recycling,  energy recovery, flexible  supply chains and FDI  control.  The first meeting of the TTC was held in May in Brussels. India is the second country after the  United States where  the EU has a TTC mechanism. 

 TTC’s  role  is to  enhance  strategic  trade and technology  engagement  between  the two  partners. 

  Friday’s  meeting  was co-chaired  from  the Indian side by External Affairs Minister S Jaishankar,  Commerce and Industry  Minister  Piyush Goyal and Minister  for  Electronics and Information Technology (MeiTy) Ashwini Vaishnaw.  

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