India to give financial aid to firms for setting up semiconductor fabs: PM

Technology firms will be given 50 per cent financial assistance for setting up semiconductor manufacturing facility the country, Prime Minister Narendra Modi said on Friday, as he announced that his government has rolled out the red carpet for semiconductor industries.

Speaking after inaugurating Semicon India 2023 conference in Gandhinagar, 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 should they 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. Every industrial revolution that the world witnessed was driven by aspirations of people at different times, Modi said, adding he believes the fourth industrial revolution being witnessed now is driven by India's aspirations. The 'Semicon India 2023' highlights investment opportunities in India's semiconductor sector.