PM Modi’s cabinet approved a comprehensive programme for the development of sustainable semiconductor and display ecosystem in the country.
Accordingly, Union Cabinet took the decision to launch the programme that is expected to usher in a new era of electronics manufacturing by providing a globally competitive incentive package to companies in semiconductors and display manufacturing as well as design.
“This shall pave the way for India’s technological leadership in these areas of strategic importance and economic self-reliance,” the Cabinet said.
With the approval of the programme for development of semiconductors and display manufacturing ecosystem in India, an outlay of Rs 76,000 crore has been made.
Besides, the scheme has incentivised “every part of supply chain including electronic components, sub-assemblies, and finished goods”.
“Incentive support to the tune of Rs 55,392 crore (7.5 billion USD) have been approved under PLI for Larges Scale Electronics Manufacturing, PLI for IT Hardware, SPECS Scheme and Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme.”
“In addition, PLI incentives to the quantum of Rs 98,000 crore (USD 13 billion) are approved for allied sectors comprising of ACC battery, auto components, telecom & networking products, solar PV modules and white goods.”