Investing $25 bn in chip foundries has no national security rationale: Rajan

Former RBI Governor Raghuram Rajan said there is no national security rationale for giving $25 billion in subsidies to chip foundries. "Chip foundries aren't necessary in the chip supply chain," he said, adding India will still be dependent on others for wafers and rare earth minerals. "We've 3 lakh chip designers...expand them...Create your own chip firm," he added.