PM Modi announces 50% financial assistance for semiconductor manufacturing in India
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Gandhinagar: Prime Minister Narendra Modi has declared that technology firms willing to set up semiconductor manufacturing facilities in India will receive 50% financial assistance from the government.
The announcement came during the inauguration of the Semicon India 2023 conference in Gandhinagar, where PM Modi highlighted India's efforts to establish a robust ecosystem for the semiconductor industry. The Prime Minister also revealed that 300 colleges in India have been identified to offer courses on semiconductor design, reflecting the nation's commitment to nurturing a skilled workforce in this critical field.
He said, "We have rolled out the red carpet for semiconductor industries in India. As part of the Semicon India programme, we were already offering incentives, and now we have increased it to 50% financial assistance for technology firms setting up semiconductor manufacturing facilities in the country."
He also expressed confidence that the semiconductor industry in India would experience exponential growth, as the country becomes an attractive destination for investments in this sector. PM Modi highlighted that the world requires a trusted and reliable chip supply chain, and India is ready to play a pivotal role in meeting this demand.
He further noted, "Every industrial revolution that the world has witnessed was driven by the aspirations of people at different times. I believe the fourth industrial revolution we are witnessing now is driven by India's aspirations."
The 'Semicon India 2023' conference aims to showcase the investment opportunities in India's semiconductor sector, further promoting the growth of this industry in the country. By encouraging investments in the semiconductor sector, India is poised to become a major player in the global semiconductor market, addressing the growing demand for chips and fostering innovation and growth in the technology industry.