The US Commerce Department on Tuesday announced its implementation strategy for the $50 billion (roughly Rs 3,99,000 crore) CHIPS (Creating Incentives to Produce 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 boost research and development of chips to help the US compete with other countries.
On Tuesday, the US Department of Commerce left New chips and his strategy to implement science law. The CHIPS for America program will be housed at the department’s National Institute of Standards and Technology (NIST), according to the federal government department, which outlined the primary goals of the legislation.
According to the Department’s implementation strategy, the CHIPS for America program will have four primary objectives. The first is to establish and expand domestic production of leading semiconductors in the US, while the second goal will be to create a reliable and sufficient supply of mature node semiconductors.
The Commerce Department is looking to invest in research and development for the next generation of chipmaking in America. Ultimately, it aims to create “thousands” of manufacturing jobs as well as “hundreds of thousands” of construction jobs in the US. The policy includes jobs for 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 grant awards and loans on a rolling basis after the applications are processed.
