India Has Made Significant Strides In Chip Sector, INR 2.5 Lakh Cr Investment Proposals Received: MoS IT

Minister of State (MoS) Rajeev Chandrasekhar said that India has made significant strides in the semiconductor sector over the last two years during which the government received investment proposals worth INR 2.5 Lakh Cr from global chip makers. 

Addressing the Viksit Bharat Ambassador Meet in Pune, the minister pointed out that the country no longer belongs to the league of ‘Fragile Five’ and has become the world’s fifth largest economy, Moneycontrol reported.

“We have become a beacon of hope and inspiration for countries across the world in terms of our inclusive policies, in terms of how you transform governance and make governments work for people. In the next few years, the prime minister has set a target for India to become Viksit Bharat,” he said. 

According to the minister, the semiconductor policy announced by Prime Minister Narendra Modi caught global attention.

“Just two years ago, it was not even present in the semiconductor ecosystem of the world,” the MoS added. 

The government, in 2022 announced that it had set aside INR 1,000 Cr to fund semiconductor startups. Back then, Chandrasekhar also announced that the government would ensure that the next generation of devices and products, like India Stack or next-gen platforms, are architected and designed in India.

Earlier this year, the government was reported to be planning to focus highly on the deeptech industry for the second leg of the Startup India initiative, under which the startups addressing  semiconductor chips, quantum computing, artificial intelligence and cybersecurity will be backed. 

Earlier this month, Chandrasekhar informed the Parliament that the government has received four proposals for building semiconductor manufacturing plants and 13 for chip assembly units. He further added that this is an addition to the  INR 22,516 Cr chip assembly plant set up by US-based memory chip maker Micron.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.