New Delhi, May 29 Union Minister Rajeev Chandrasekhar on Wednesday welcomed American major United Parcel Service (UPS) for its plans to manufacture tags used in tracking packages in the country.
UPS is a multinational shipping and supply chain management company founded in 1907.
In a post on X social media platform, Chandrasekhar said the country looks forward to welcoming UPS to start local production.
"@UPS all the best. We look forward to partnering with you to make your India semiconductor manufacturing plans a success and expand," Chandrasekhar posted.
Reports said the world's largest parcel delivery company is apparently in touch with some state governments for its local production plans, leveraging a friendly chip investment environment in the country.
The country is on the path to becoming a key player in the global semiconductor supply chain with $10 billion of incentives provided to encourage local chip manufacturing.
From a negligible presence in the global supply chain a decade back, the country now has a significant role to play in the supply chain ecosystem, creating investment and job opportunities.
The IMF estimates say that India will be the world's third-largest economy by 2027, with a GDP of $5 trillion.
Global giants like Apple, FedEx and Foxconn -- along with US-based semiconductor giant Micron -- are scaling up manufacturing in India.
Prime Minister Narendra Modi recently laid the foundation stone for chip plants worth over Rs 1.25 lakh crore.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor