October 4, 2022
US Chips Act: Commerce Department unveils implementation strategy for  billion semiconductor investment

The US Commerce Department on Tuesday announced the release of its implementation policy for the $50 billion (about Rs 3,99,000 crore) Chips (Creating Auxiliary Incentives to Make Semiconductors) Act signed into law by US President Joe Biden last month. The bipartisan bill is designed to subsidize the cost of manufacturing chips in the US, as the government seeks to create new jobs in the chip manufacturing sector and to help the US compete with other countries for chips. Accelerates research and development.

US Department of Commerce on Tuesday free Your strategy for implementing the new Chips and Science Act. According to the federal government department, the CHIPS program for the US would be placed within the department’s National Institute of Standards and Technology (NIST), which outlined the primary objectives of the law.

In accordance with the department’s implementation strategy, the CHIPS for America program will have four primary goals. The first is the establishment and expansion of domestic production of leading-edge semiconductors in the US, while the second will aim to create a reliable and adequate supply of mature node semiconductors.

The Commerce Department wants to invest in research and development for next-generation chipmaking in the US. Ultimately, it aims to create “tens of thousands” of construction jobs as well as “hundreds of thousands” of construction jobs in the US. These include jobs for strategically placed women, people of color, veterans and people living in rural areas.

The US Department of Commerce said specific application guidance for the CHIPS for America program will be issued through funding documents in early February 2023. It will provide rewards and loans on a rolling basis after the applications are processed.

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