India will provide 50-percent monetary aid to chip makers, said PM Modi at Semicon 2023 | Digit

On the inaugural day of the Semicon India 2023 conference in Gandhinagar, Gujarat, PM Modi announced that Indian government has rolled out the red carpet for semiconductor manufacturers to enter India. During his speech, he further mentioned that technology firms will be provided with 50 percent monetary aid when they set up their manufacturing units in India. He also mentioned this being a part of India’s bigger plan of setting up an entire ecosystem that allows the semiconductor industries to thrive in the country. 

The PM said, “We were offering incentives as part of the Semicon India programme. It has been increased, and now technology firms will get 50 percent financial assistance to set up semiconductor manufacturing facilities in India”.

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PM Modi further added that with this the semiconductor industry will hopefully see exponential growth. He even informed us how India is on its way to attracting major investments in the semiconductor industry.

Emphasising the need of having a trusted and reliable chip supply chain in the world, PM Modi highlighted the Indian efforts during his speech at Semicon India 2023 conference. He further added that they had identified 300 colleges and are planning to introduce courses on semiconductor design.

He 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.”

PM Modi also stated how the different industrial revolutions that took place in the world at different points of time in history, were driven by people’s aspirations. And now, India’s aspirations will drive the fourth industrial revolution. 

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Semicon India 2023 is the second edition of the conference, organised by the Ministry of Electronics and Information Technology, Government of India.