‘India to provide 50 per cent financial help for setting up semiconductor industry’ says PM Modi

Prime Minister Narendra Modi stated on Friday that his administration has put out the red carpet for the semiconductor industry and that technology companies will receive 50% financial help for establishing semiconductor manufacturing facilities in the nation.

Modi claimed that India is establishing a complete ecosystem to promote the growth of the semiconductor business there in his speech following the start of the Semicon India 2023 conference in Gandhinagar.

“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.

The semiconductor industry will witness exponential growth in India, Modi said.

“A year ago, people used to ask why they should invest in the Indian semiconductor sector. Now they ask why not invest in India,” he added.

According to Modi, India is emerging as a major investment hub for the semiconductor industry. He asserted that the global semiconductor supply chain must be dependable and trustworthy. According to Modi, 300 colleges in India have been chosen to launch semiconductor design courses.

According to Modi, the aspirations of people at various points in history drove each industrial revolution, and he believes that India’s goals are what are driving the current fourth industrial revolution. The semiconductor industry in India offers many chances for investment, according to Semicon India 2023.