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.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.