The government has just approved a groundbreaking $10 billion investment to boost chip manufacturing, marking a major step forward in advancing the tech industry’s production capabilities.
On 15th December 2021, the Government of India approved a deal to subsidize Rs. 2,30,000 crores, around $30 billion. The idea behind this is to make India a semiconductor manufacturing powerhouse.
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The massive amount is broken down into Rs 76,000 crore for slated if approved by the Government of India. It is used for the manufacturing of so-called semiconductors and displays manufacturing ecosystems.
Additionally, the Government stated that it would be putting RS. 55,392 crores, around $7.5 billion.
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These industries will be eligible for 30% of the capital expenditure. On the other hand, the other 100 design companies can grow it by Rs. 1,500 crores in the next five years. The Government has promised to cover up to 50% of eligible expenditure based on net sales.
The Government stated in the interview that it would focus on creating the semiconductor Mission to oversee this manufacturing ecosystem.
The experts in semiconductor and display technology will lead the “The India Semiconductor Mission” launched by the Government to boost the manufacturing ecosystem in India.
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