The Indian government's approval of the $2.7-billion Micron's chip plant carries significant importance for both domestic and international markets. Here are some potential impacts:

• Boost to the 'Make in India' initiative: The Micron's chip plant could be a major accomplishment for the Modi government's 'Make in India' campaign, which aims to promote the country's manufacturing capabilities and attract foreign investment.
• Job creation: The Micron's chip plant could create over 5,000 high-paying jobs in the IT sector, which will boost the local economy and create employment opportunities. This could be an important boost amid the pandemic-related economic slowdown.
• Tech industry growth: The establishment of Micron's chip plant in India could attract more investment in the technology industry, which is essential for maintaining India's recently acquired status as the world's second-largest smartphone market.
• Export potential: The new plant could complement India's growing semiconductor industry and expand the country's exports worldwide, thus further supplementing the country's economy.

Thus, the Micron's chip plant's approval is a significant milestone in India's pursuit to become a global manufacturing hub and is expected to have a positive impact on job creation, technology industry growth and export potential.