The Union Cabinet is poised to grant approval on Wednesday, June 15, 2023, to a significant scheme worth Rs 25,000 crore aimed at semiconductor manufacturing. This scheme is a crucial component of the government’s comprehensive strategy to position India as a global leader in the field.
Under the scheme, financial assistance will be extended to semiconductor fabrication plants (fabs) and design centers. Additionally, it will provide incentives for the establishment of a robust semiconductor manufacturing ecosystem, encompassing foundries, design houses, packaging and testing facilities, and electronic systems design and manufacturing (ESDM) companies.
The anticipated outcome of this scheme is an investment influx of approximately Rs 1 lakh crore in the semiconductor manufacturing sector. Moreover, it is projected to generate approximately 10 lakh jobs in the coming years.
With a target of transforming India into a $100 billion semiconductor manufacturing hub by 2025, the government’s approval of this scheme marks a significant stride towards realizing this ambitious goal.
The approval of this scheme signifies a positive development for the Indian semiconductor industry. By attracting investments and fostering job creation, it paves the way for India to emerge as a global powerhouse in semiconductor manufacturing.
Highlighted Benefits of the Scheme:
- Attraction of approximately Rs 1 lakh crore investments in the semiconductor manufacturing sector.
- Creation of around 10 lakh jobs in the coming years.
- Transformation of India into a $100 billion semiconductor manufacturing hub by 2025.
This scheme is a commendable initiative by the government, poised to bolster the Indian semiconductor industry and position it favorably on the global stage.
Stay tuned for more updates on the semiconductor manufacturing sector. Thank you for reading.
