Semiconductor Manufacturing Units to Get 50 Percent Financial Assistance, PM Modi Gives Offer

Those setting up semiconductor manufacturing units in the country will be given 50 percent financial assistance from the Central Government. Announcing this on Friday, Prime Minister Narendra Modi said that his government has provided many facilities for the semiconductor industry. He said that there will be strong growth of semiconductor industry in the country.

After inaugurating the Semicon India conference in Gandhinagar, Gujarat, Modi said that in the country Semiconductor An ecosystem is being prepared for the industry. He said, “We are offering incentives under Semicon India. This has been increased and now technology companies will be given 50 percent financial assistance for setting up semiconductor manufacturing units in the country.” Modi said, “A year ago people would have asked why they should invest in the semiconductor sector in India. Now they are saying why not invest in India.” In this conference, emphasis is being laid on investment opportunities for the semiconductor sector in the country.

Modi said that India is becoming a hub for investment in the semiconductor sector. The world needs a reliable chip supply chain. Modi said that 300 colleges have been identified to start courses on semiconductor design. He said that behind every industrial revolution in the world were the ambitions of the people. Along with this, Modi said that he believes that the reason for the fourth industrial revolution will be India’s ambitions.

Recently, Taiwan’s Foxconn has broken the semiconductor joint venture worth more than $ 19 billion in India with Vedanta, which is involved in business ranging from metals to oil. Foxconn and Vedanta, among the big contract manufacturing companies, had signed an agreement last year to set up semiconductor and display manufacturing plants in Gujarat. Foxconn had said, “Foxconn has decided not to proceed with the joint venture with Vedanta.” The company had said that it had worked with Vedanta for more than a year on this joint venture. However, both the companies have decided to end this joint venture with mutual consent.