50% financial assistance to firms setting up semiconductor-manufacturing unit in India: Prime Minister Modi

Prime Minister Narendra Modi speaks at the Semicon India 2023 event, in the presence of Gujarat Chief Minister Bhupendra Patel, Foxconn chairman Young Liu, Vedanta group chairman Anil Agarwal, Union IT Minister Ashwini Vaishnav, and Minister of State (Electronics and Information Technology) Rajeev Chandrasekhar, held at Mahatma Mandir, Gandhinagar, on Friday, July 28, 2023.
| Photo Credit: Vijay Soneji

Technology firms will be given 50% financial assistance for setting up semiconductor-manufacturing facilities in the country, Prime Minister Narendra Modi said on Friday, July 28, 2023, as he announced that his government had rolled out the red carpet for semiconductor industries.

Speaking after having inaugurated the Semicon India 2023 conference in Gandhinagar, Mr. Modi said India was establishing an entire ecosystem for the semiconductor industry to grow in the country.

“We were offering incentives as part of the Semicon India programme. It has been increased, and now technology firms will get 50% financial assistance to set up semiconductor-manufacturing facilities in India,” Mr. Modi said, adding that the semiconductor industry would witness exponential growth in India.

“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 said, adding that the country was becoming a grand conductor for investments in the semiconductor sector.

The world needs a trusted and reliable chip-supply chain, he said.

Mr. Modi said 300 colleges in India had been identified for offering courses on semiconductor design.

Every industrial revolution that the world has witnessed was driven by people’s aspirations, Mr. Modi said, adding that he believed the fourth industrial revolution currently under way was being driven by India’s aspirations.

The ‘Semicon India 2023’ highlights investment opportunities in India’s semiconductor sector.