PM Modi Offers 50% Subsidy to Attract Semiconductor Manufacturing to India

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PM Modi Offers 50% Subsidy to Attract Semiconductor Manufacturing to India

Prime Minister Narendra Modi has announced a major incentive package for companies that set up semiconductor manufacturing units in India. The package includes a 50% subsidy on capital expenditure, as well as other tax breaks and financial assistance.

The announcement was made at the Semicon India 2023 conference in Gandhinagar, Gujarat. Modi said that the government is committed to making India a global hub for semiconductor manufacturing.

“We want to make India a leader in electronics manufacturing,” Modi said. “We have a young and skilled workforce, and we have a large market. We are also investing in research and development, and we are creating a conducive environment for businesses.”

The semiconductor industry is a critical part of the global economy. Semiconductors are used in a wide range of products, including computers, smartphones, and cars. The global semiconductor market is worth trillions of dollars.

India is currently a minor player in the semiconductor industry. However, the government is hoping to attract more investment in the sector. The 50% subsidy is a major incentive, and it is expected to attract a number of new companies to India.

The government is also investing in other areas that are important for the semiconductor industry, such as research and development. The government has set up a number of research centers, and it is also providing financial assistance to start-ups in the semiconductor sector.

The government’s efforts to attract semiconductor manufacturing to India are seen as a major boost for the country’s economy. The semiconductor industry is a high-tech industry, and it is expected to create a large number of jobs. The industry is also expected to boost India’s exports.

The government is confident that India’s semiconductor industry will grow rapidly in the coming years. Modi said that India is “poised to become a global leader in semiconductor manufacturing.”

India To Give 50% Financial Assistance to Firms To Set Up Semiconductor  Manufacturing Facility Here: PM Modi - News18

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