50% Financial Aid to Set Up Semiconductor Units in India: PM Modi

New Delhi: India will provide 50% financial assistance to companies to set up semiconductor manufacturing facilities in the country, declared Prime Minister Narendra Modi on Friday.

He made this announcement at the inauguration ceremony of the Semicon India 2023 conference in Gandhinagar.

He announced that his government has rolled out the red carpet for semiconductor industries by establishing an entire ecosystem for it to grow in the country.

“Technology firms will be given 50 per cent financial assistance for setting up semiconductor manufacturing facility in the country,” the prime minister said.

He forecasted that the semiconductor industry will witness exponential growth in India as India is becoming a grand conductor for investments in the semiconductor sector.