PM Modi promises 50% financial support to firms investing in semiconductor sector

  • IANS
  • Stock Market News
PM Modi promises 50% financial support to firms investing in semiconductor sector
Credit: © Reuters.

Gandhinagar, July 28 (IANS) Prime Minister Narendra Modi on Friday promised 50 per cent financial assistance to players wishing to set up semiconductor manufacturing facility in the country.Now technology firms will be given 50 per cent financial assistance to set up semiconductor manufacturing facilities in India, he said, adding, “We are continuously carrying out policy reforms to accelerate the growth of the country's semiconductor sector”

He was addressing a gathering after inaugurating SemiconIndia 2023 at Mahatma Mandir here.

The conference, with its theme 'Catalysing India’s Semiconductor Ecosystem,' aims to unite global leaders from industry, academia, and research sectors.

At the conference, PM Modi underlined the significance of the ongoing fourth industrial revolution, linking it with the aspirations of Indian society.

The Prime Minister emphasised India's readiness to "address global apprehensions about raw materials and manpower", besides promising to work collaboratively with private sectors that have demonstrated remarkable growth and success.

Highlighting the country's vast talent pool and skilled engineers, Modi stressed on the nation's global responsibility and efforts to bolster the semiconductor sector.

He noted recent initiatives like the approval of the National Quantum Mission and the introduction of semiconductor courses in over 300 colleges, aiming to produce more than 100,000 design engineers within the next five years.

"The sector in which we have worked closely with private players has touched new heights. Be it the space sector or geospatial sector, we have got excellent results everywhere”, the Prime Minister emphasised.

He also informed about the critical decisions taken on the basis of feedback received.

Prime Minister Modi talked about the increased incentive under the Semicon India Programme.

SemiconIndia 2023 served as a stage for industry heavyweights such as Foxconn, Micron (NASDAQ: MU ), AMD, IBM (NYSE: IBM ), Marvell, Vedanta (NS: VDAN ), LAM Research, NXP (NASDAQ: NXPI ) Semiconductors, and STMicroelectronics to illuminate India's strides in establishing a competitive global semiconductor manufacturing and design hub.

--IANS

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