Semi-conductor Union Cabinet gives nod to Rs 76,000-crore incentive scheme for semiconductors
New Delhi/IBNS: The Union Cabinet Wednesday cleared the Rs 76000 crore incentive scheme for semiconductors.
This scheme is aimed at setting up more than 20 semiconductor design components manufacturing and display fabrication units over the next six years.
This move is part of the Modi government's attempt to make India an electronics hub.
The Ministry of Electronics and IT (MeitY ) will now work on the finer details and invite applications from businesses interested in making use of this opportunity.
According to an ET report, the government wants to set up 10 units each for designing and manufacturing components and one to two fab units for displays.
The project will deepen India's manufacturing capabilities while also generating 35000 high quality employment openings and indirect employment for 1 lakh people, the government has said.
There is an acute shortage of semiconductor trips across the globe. Semiconductors are used for making a wide range of products from cars to phones.
Most of the companies have failed to meet the manufacturing targets due to shortage of semiconductors caused due to the pandemic situation.
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