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Govt Plans To Provide Incentives Worth Rs 76,000 Crore To Semiconductor Firms To Make India Electronics Hub: Report
Semiconductor chips (representative image)
In a bid to make India an electronics hub, the government is reportedly planning to provide incentives worth Rs 76,000 crore over the next six years to boost the domestic manufacturing of semiconductor chips and other electronic items.
The incentives are likely to support setting up of over 20 semiconductor design, components manufacturing and display fabrication units in the country.
The semiconductors are used to make wide range of products ranging from smartphones to automobiles.
"Through various PLI (production linked incentive) schemes, the Centre has tried 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 a Economic Times report as saying.
According to the report, the government's target includes 10 units each for designing and manufacturing components as well as one to two units for display fabrication.
The scheme is expected to go to the Cabinet for its approval next week, following which the Ministry of Electronics and Information Technology (MeitY) would work out on the details and invite applications.
"...(after the Cabinet approval), the final contours of the policy will be drawn later and advertised, seeking interest from companies to invest," another official was quoted in the report as saying.
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