Minister of State (MoS) Rajeev Chandrasekhar highlighted India's significant progress in the semiconductor sector, noting that the government has received investment proposals worth INR 2.5 Lakh Cr from global chip makers over the last two years.
Speaking at the Viksit Bharat Ambassador Meet in Pune, Chandrasekhar emphasized India's transformation, moving away from the 'Fragile Five' to become the world's fifth-largest economy, as reported by Moneycontrol.
India's inclusive policies and governance transformation have positioned it as a beacon of hope and inspiration globally, according to the minister, who mentioned Prime Minister Narendra Modi's target for India to become Viksit Bharat in the coming years.
The semiconductor policy announced by PM Modi has garnered significant global attention, with India making strides in an ecosystem that it was not even part of just two years ago, Chandrasekhar added.
In 2022, the government earmarked INR 1,000 Cr to support semiconductor startups. Chandrasekhar also announced the government's commitment to ensuring that the next generation of devices and products, such as India Stack or next-gen platforms, are designed and architected in India.
Recently, the government expressed its focus on the deeptech industry for the second phase of the Startup India initiative. This initiative aims to support startups working on semiconductor chips, quantum computing, artificial intelligence, and cybersecurity.
Chandrasekhar informed the Parliament earlier this month that the government has received proposals for building four semiconductor manufacturing plants and 13 chip assembly units. This is in addition to the INR 22,516 Cr chip assembly plant set up by US-based memory chip maker Micron.
