Govt announces Rs. 76000 crore scheme for chip ecosystem

The Cabinet cleared the Rs 76,000-cr incentive scheme for semiconductors. Under this scheme, India will set up more than 20 semiconductor design, components manufacturing and display fabrication (fab) units over the next six years.

This is part of Modi government’s bid to make the country a hub for electronics. The nod comes almost a year after the govt sought expressions of interest from companies to this effect.

The ministry of electronics & IT (MeitY) will now work out the granular details and invite applications.

The new semiconductor policy will help deepen India’s manufacturing base, a senior government official had told prior to the approval.