Semicon India 2024: PM Modi Says India Embracing All Measures To Become Semiconductor Powerhouse

Semicon India 2024: PM Modi Says India Embracing All Measures To Become Semiconductor Powerhouse

SUMMARY

The Centre has set up a special reserve fund with an outlay of INR 1 Lakh Cr to drive innovation in the semiconductor and science & technology sectors, PM Modi said

While inaugurating the Semicon India 2024 event, PM Modi said that India is taking all necessary measures to become a semiconductor powerhouse

PM Modi's remarks came on the heels of reports that the government is considering expanding the scope of the India Semiconductor Mission to extend sops to to raw material suppliers, gas suppliers, and other vendors in the semiconductor ecosystem

Prime Minister Narendra Modi on Wednesday (September 11) said that the Centre has set up a special reserve fund with an outlay of INR 1 Lakh Cr to drive innovation in the semiconductor and science & technology sectors.

While inaugurating the Semicon India 2024 event, PM Modi said that India is taking all necessary measures to become a semiconductor powerhouse. 

“Our dream is to have India-made chip in every device in the world,” PM Modi said.

He further emphasised that India is taking a 360-degree approach to boost semiconductor manufacturing in the country, pointing out that the government offers 50% fiscal support to companies for setting up semiconductor fabrication units in India.

Modi was referring to the Semicon India programme under which the government provides demand incentives to companies engaged in semiconductor fabs, display fabs, sensors, semiconductor packaging and semiconductor design. The government launched the scheme in 2021 with a total outlay of INR 76,000 Cr.

With the demand for data centres on the rise in the country, India will play a crucial role in driving the global semiconductor industry, he added.

“When chips are down, you can bet on India,” the Prime Minister said, underscoring that India has a strategic advantage in the semiconductor sector with a growing manufacturing base, aspirational market and a digital public infrastructure (DPI) built on chip.

He also added that this is the right time for foreign companies to be in India with the government committed to offering stable policies and ease of doing business.

Recently, PM Modi also told top executives of semiconductor companies that India will continue to support the semiconductor industry at “every step”.

The remarks came on the heels of reports that the Centre is considering expanding the scope of the India Semiconductor Mission to cover the entire semiconductor ecosystem, with plans to extend subsidies to raw material suppliers, gas suppliers, and other vendors. 

The India Semiconductor Mission was launched in 2022 with an aim to build a vibrant semiconductor and display ecosystem in the country. The government plans to extend support to players in the semiconductor ecosystem directly for 10 years under the scheme.

The Centre has already approved five semiconductor plants under the India Semiconductor Mission, which are expected to bring in investments worth INR 1.52 Lakh Cr.

Last week, the union cabinet approved the proposal of Kaynes Semicon to set up a semiconductor unit in Gujarat with an investment of INR 3,300 Cr.

Additionally, the Centre is also examining the proposal of Israel’s Tower Semiconductor to set up a chip fabrication facility in the country.

Meanwhile, tech giant Apple is also reportedly in talks with Micron and the Tata Group to source made-in-India chips for its iPhones, providing a further boost to India’s ambitions to become a global semiconductor hub.

India is currently home to over 100 semiconductor startups and the country’s semiconductor industry is expected to become a $150 Bn opportunity by 2030 from $33 Bn in 2023, as per Inc42.

 

 

 

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

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Semicon India 2024: PM Modi Says India Embracing All Measures To Become Semiconductor Powerhouse-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Semicon India 2024: PM Modi Says India Embracing All Measures To Become Semiconductor Powerhouse-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Semicon India 2024: PM Modi Says India Embracing All Measures To Become Semiconductor Powerhouse-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Semicon India 2024: PM Modi Says India Embracing All Measures To Become Semiconductor Powerhouse-Inc42 Media
Semicon India 2024: PM Modi Says India Embracing All Measures To Become Semiconductor Powerhouse-Inc42 Media
You’re in Good company