Semiconductor units will strengthen India's transformative journey for tech self-reliance: PM

| | New Delhi
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Semiconductor units will strengthen India's transformative journey for tech self-reliance: PM

Friday, 01 March 2024 | PTI | New Delhi

Semiconductor units will strengthen India's transformative journey for tech self-reliance: PM

Prime Minister Narendra Modi on Friday said the upcoming semiconductor units will further strengthen India's "transformative journey" towards technological self-reliance.

The Union Cabinet on Thursday approved proposals to set up three semiconductor plants, including a mega fab by Tata Group, at a cumulative investment of Rs 1.26 lakh crore, as India moves to position itself as a global powerhouse in chip manufacturing.

Modi said on X, "With the Cabinet approval of three semiconductor units under the India Semiconductor Mission, we are further strengthening our transformative journey towards technological self-reliance. This will also ensure India emerges as a global hub in semiconductor manufacturing."

The government is offering incentives of up to Rs 76,000 crore to boost domestic manufacturing of semiconductors, which are essential components of electronic devices and find usage in mobile phones, laptops, refrigerators, washing machines and automobiles, among others.

The three units approved for support under the scheme will make chips for various sectors, including defence, automobiles and telecommunications, and will begin construction within the next 100 days, Minister for Electronics and IT Ashwini Vaishnaw had told reporters after the cabinet meeting.

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