The Ministry of Electronics and Information Technology (MeitY) said that the global manufacturer of semiconductor manufacturing equipment LAM Research has submitted an application for incentives under the government's Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) for local production.

LAM Research India Private Limited has proposed a 208 crore rupee investment, and the government will offer incentives totaling 32.21 crore rupees. The government gave its clearance for the application on July 6, but the corporation has not yet made any comments about the specifics of the investment.

Notified in April 2020, the SPECS scheme offers a financial incentive of up to 25 per cent on capital expenditure for a specific list of electronic goods.

These goods encompass the downstream value chain of electronic products such as electronic components, semiconductor or display fabrication units, ATMP units, specialised sub-assemblies, and capital goods for the manufacture of the aforementioned goods.