Semiconductor Firms to Receive 50% Financial Aid in India: PM Modi

At Semicon India, a highlight emerged from none other than Prime Minister Narendra Modi. He announced that semiconductor manufacturers would be eligible for 50% financial assistance from the government for setting up manufacturing facilities in India. The event, held in Gandhinagar, Gujarat, was a hub for major semiconductor players, including AMD, Foxconn, and IBM.

During the event, PM Modi stated, “We were offering incentives as part of the Semicon India programme. It has been increased, and now technology firms will get 50 percent financial assistance to set up semiconductor manufacturing facilities in India.”

Addressing the shift in sentiment around investing in India's semiconductor sector, he added, "A year ago, people used to ask why should they invest in the Indian semiconductor sector. Now they ask why not invest in India.”

The Prime Minister further indicated that the government has identified 300 colleges in India to initiate courses on semiconductor design. Emphasising his vision for the country's technological future, PM Modi said he believes that the dawn of the fourth industrial revolution is being driven by India’s aspirations.

This announcement closely follows AMD's disclosure of a $400 million investment for its largest global R&D and design centre. Vedanta also seized the opportunity to announce its entry into the semiconductor sphere through a partnership with three global firms. Praising India's rapidly advancing semiconductor manufacturing ecosystem, Foxconn's chairman also made his presence felt at the event.

Also Read: Vedanta Gets New Partner for Indian Semiconductor Unit Post Foxconn Exit