Economy

The government intends to provide incentives worth Rs 76,000 crore to semiconductor companies to turn India in electronics hub

In order to make India an electronics centre, the government is reportedly preparing to grant incentives worth Rs 76,000 crore over the next six years in order to stimulate domestic manufacturing of semiconductor chips and other electronic devices.

As a result of the incentives, over 20 semiconductor design, component manufacturing, and display fabrication facilities are scheduled to be constructed in the country.

government intends to provide incentives worth Rs 76,000 crore to semiconductor companies

Semiconductors can be found in a wide range of items, including cellphones and automobiles.

“Through various PLI (production linked incentive) schemes, the Centre has attempted to broaden the scope of manufacturing and export from India, while the semiconductor policy will help deepen India’s manufacturing base,” a senior government official was quoted in an Economic Times report as saying.

According to the report, the government aims to have ten units each for component design and manufacture, as well as one to two units for display fabrication.

The Cabinet is anticipated to adopt the programme next week, after which the Ministry of Electronics and Information Technology (MeitY) will finalise the details and send out an application invitation.

“…(after Cabinet approval), the policy’s full contours would be drawn later and publicised, in order to solicit investment interest from enterprises,” another official was quoted as saying in the newspaper.

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