India To Give 50% Financial Assistance to Firms To Set Up Semiconductor Manufacturing Facility Here: PM Modi – News18

Prime Minister Narendra Modi on Friday said technology firms will be given a 50 per cent financial assistance for setting up semiconductor manufacturing facility in the country, announcing that the government has rolled out the red carpet for semiconductor industries. Speaking after inaugurating Semicon India 2023 conference in Gandhinagar, Modi said India is establishing an entire ecosystem for the semiconductor industry to grow in the country.

“We were offering incentives as part of the Semicon India programme. It has been increased, and now technology firms will get 50 per cent financial assistance to set up semiconductor manufacturing facilities in India,” Modi said adding that the semiconductor industry will witness exponential growth in India.

A year ago, people used to ask why should they invest in the Indian semiconductor sector. Now, after one year, they ask why not invest in India, he added. India is becoming a grand conductor for investments in the semiconductor sector, Modi said.

The world needs a trusted and reliable chip supply chain, he said. Modi said 300 colleges in India have been identified for starting courses on semiconductor design.

Every industrial revolution that the world witnessed was driven by aspirations of people at different times, Modi said, adding he believes the fourth industrial revolution being witnessed now is driven by India’s aspirations. The ‘Semicon India 2023’ highlights investment opportunities in India’s semiconductor sector.

He said that in 2014, India’s electronics production was less than $30 billion. Today, it has crossed $100 billion. Within the past two years, India’s electronic exports have risen more than twice.

Mobile phone exports from India have also doubled, he said. “The country that once was an importer of mobile phones is now making one of the best mobile phones in the world and exporting them.”

(With PTI Inputs)