50% financial aid to firms for semiconductor units, says PM Modi

GANDHINAGAR (TIP)- Tech firms will be given 50 percent financial assistance for setting up semiconductor manufacturing facilities in the country, Prime Minister Narendra Modi said on Friday, July 28, as he announced that his Government has rolled out red carpet for semiconductor industries. Speaking after inaugurating the Semicon India 2023 conference in Gandhinagar, Modi said every industrial revolution that the world has witnessed was driven by the aspirations of people at different times. The PM said he believes that the fourth industrial revolution being witnessed now is driven by India’s aspirations. Modi said India is establishing an entire ecosystem for the semiconductor industry to grow in the country. “We were offering incentives as part of the Semicon India programme. It has been increased, and now technology firms will get 50 per cent financial assistance to set up semiconductor manufacturing facilities (in India),” Modi said.
The semiconductor industry will witness exponential growth in India, Modi said. “A year ago, people used to ask why they should invest in the Indian semiconductor sector. Now they ask why not invest in India,” he added. India is becoming a grand conductor for investments in the semiconductor sector, Modi said. The world needs a trusted and reliable chip supply chain, he said. Modi said 300 colleges in India have been identified for starting courses on semiconductor design. “Today the world is becoming witness to Industry 4.0. Whenever the world has passed through any such industrial revolution, its base has been the aspirations of the people of a particular region. The same relation was seen between the first industrial revolution and the American dream,” he said.