India to Provide 50 Percent Financial Assistance for Establishing Semiconductor Manufacturing Facilities
The Prime Minister informed that India’s solar power installed capacity has increased more than 20 times in the last decade and a new target of 500 GW of renewable energy capacity has been set to be achieved by the end of this decade.
July 29, 2023. By Anurima Mondal
Addressing the gathering, the Prime Minister emphasized that events like Semicon are like software update where experts and industry leaders meet and share with each other.
Giving the analogy of a conductor and insulator where energy can pass through conductors and not through insulators, the Prime Minister said that India is ticking every checkbox to become a good energy conductor for the semiconductor industry.
Noting the crucial requirement of electricity for this sector, the Prime Minister informed that India’s solar power installed capacity has increased more than 20 times in the last decade and a new target of 500 GW of renewable energy capacity has been set to be achieved by the end of this decade. He also touched upon major steps taken for the production of solar PV modules, green hydrogen and electrolyzers.
The Prime Minister said that India understands the needs of the global supply chain, raw materials, trained manpower and machinery. He talked about the increased incentive under the Semicon India Programme and elaborated that now technology firms will be given 50 percent financial assistance to set up semiconductor manufacturing facilities in India.
Dr Prabu Raja, President Semiconductor Product Group, Applied Materials said that with the strong vision of Prime Minister Modi India is poised to play a central role in the global semiconductor industry.
Reflecting on India’s G20 theme of ‘One Earth, One Family, One Future’, the Prime Minister emphasized that the same spirit is applied behind making India a semiconductor manufacturing hub.
The conference aims to bring together global leaders from industry, academia and research institutions.
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