India’s New Investment Strategies to Boost its Semiconductor Ecosystem for 2023

Published  May 12, 2023   0
S Staff
India- Semiconductor

India is going to begin the application process for $10 billion in incentives and assistance to boost semiconductor manufacturing

A Memorandum of Understanding (MoU) has now been signed between India Semiconductor Mission (ISM) and Purdue University for the purpose of industry participation, capacity building, and research and development. Union Minister of Electronics and IT, Ashwini Vaishnaw, who is currently in America tol this to the media. 

The minister also had meetings with the Intel team in the US and a few days back he met CEO of Google Sundar Pichai and had discussions regarding India stack and ‘Make in India’ program. After Pichai met Prime Minister Narendra Modi, the meeting between him and union Minister of Electronics and IT happened and he stated that he is very eager to see the increased pace of technological alterations happening in India. 

On Wednesday, it was also reported by several media that the nation is going to begin the application process for $10 billion in incentives and assistance to boost semiconductor manufacturing. According to a report by Reuters, India is keeping the process open-ended, doing away with a previous 45-day requirement to submit applications. 

Reports further added that India is now aiming to permit several companies to apply again and is very eager to welcome the applications unless its $10 billion in incentives are worn out. Other than this, union minister, Rajeev Chandrashekhar also stated that the Prime Minister has unleashed an additional budget of Rs 1200 Crore for the purpose of investment in semiconductor design start-ups.

According to a report by the Mint, around 27 in-house start-ups have already qualified for this initiative. The government is also geared up to announce the third edition of SemiconIndia Future Design Roadshow at IIT Delhi on Friday. The union IT ministry is planning to begin a range of roadshows in an effort to encourage the next-generation semiconductor designers. A series of new and imperative announcements could be observed during the show and will also highlight the vision of international semiconductor leaders on boosting the semiconductor industry in the country.

The official release of the government said, “With a belief that the next unicorn will be from the fabless chip design area, 2 future Design startups, which have been approved for support under the DLI (Design Linked Incentive) Scheme and will be provided with the financial support as well as design infrastructure support for designing state of the art system on chips will be announced."