Tatas, Tower have applied to set up chip foundries in India: Rajeev Chandrasekhar

He was in conversation with Anant Goenka, Executive Director, The Indian Express group.

The Indian Express was first to report that Tower has submitted a fab proposal worth $8 billion.

“After 75 years, for the first time you are going to see big multi billion dollar fab proposals coming to India. The government of India is currently in the process of evaluating and approving the proposals,” he said.

Chandrasekhar also said that the government is very bullish on online gaming and will soon create a framework which will allow safe and permissible norms for the sector.

He said even Prime Minister Narendra Modi is a believer that online gaming is a very important segment of the country’s digital economy which needs encouragement and support.

“We are progressively going down the road of creating a framework that will allow safe, prosperous and permissible (online) gaming. I would tell all the entrepreneurs to keep faith. We hope after the third term of Prime Minister Narendra Modi is in place, we will create a much more stable and predictable regime for online gaming,” Chandrasekhar said.

Chandrasekhar said the government has come out with a framework for a self-regulatory body for the online gaming industry. “We would like this (self-regulatory) to be as independent from the government and independent from the industry as much as possible,” he said.

Asked about the regulatory curb on the Paytm Payments Bank by the RBI, Chandrasekhar said it is observed that in the momentum of entrepreneurship and innovation, entrepreneurs tend to trespass regulations.

“Even if you’re a hard-charging, successful, innovative entrepreneur, you cannot live in denial of the reality that there are rules and laws that have to be complied with, and that applies to big, small companies and startups,” he said.

He said the country has a regulated financial sector and there will always be some sort or boundary.