The Union cabinet approved a 76,000 crore budget for a production linked incentive (PLI) plan for semiconductor and display board production in the country on Wednesday.
The entire ecosystem, starting with the design and fabrication of semiconductor chips, will be built in India, according to Union telecom and IT minister Ashwini Vaishnaw.
Anurag Thakur, the Union Minister of Information and Broadcasting, said the scheme calls for a 76,000 crore investment in semiconductor production over the next five to six years. The ambitious project is named as Programme for Development of Semiconductors and Display Manufacturing Ecosystem.
An ambitious project to establish a complete ecosystem of semiconductors and display manufacturing has been sanctioned. Rs 76,000 crores will be spent on this project in 6 years: Union Minister Anurag Thakur pic.twitter.com/AMzjJ4PO63
— ANI (@ANI) December 15, 2021
The project, according to the government, will have a magnified effect across several industries and will aid in further integration into the global value chain.
It would make a substantial contribution towards the goal of a $5 trillion economy and $5 trillion GDP (gross domestic product) by 2025.
According to the government, the programme will herald a new era in electronics production by giving a globally competitive incentive package to enterprises in semiconductors, display manufacture, and design.
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