The government announced a significant hike in the outlay for component manufacturing under the India Semiconductor Mission 2.0, earmarking Rs 40,000 crore for the sector.
This move is aimed at making India a global player in the semiconductor industry, reducing dependence on foreign imports and creating jobs.
Experts say the mission will also attract significant investments in the sector, driving growth and innovation in the Indian economy.
What’s in store for India’s chip industry?
The increased funding will enable the government to support startups and established companies in setting up semiconductor manufacturing facilities, research and development centres, and design hubs.
The mission will also focus on developing a robust ecosystem for the sector, including infrastructure, talent development, and regulatory frameworks.
This boost to the semiconductor industry is expected to have a multiplier effect on the Indian economy, creating new opportunities for industries that rely on semiconductors, such as electronics, automotive and healthcare.
With this ambitious plan, India is set to take a significant leap in its pursuit of becoming a semiconductor powerhouse.