India will dominate the global chip market! Government announced budget of Rs 1.27 lakh crore

The Central Government has taken a historic step towards making India the world’s leading electronics and high-tech manufacturing powerhouse. The Union Cabinet chaired by Prime Minister Narendra Modi has officially given the green signal to ‘India Semiconductor Mission 2.0’ (ISM 2.0). The government has allocated a huge budget of Rs 1.27 lakh crore to fully develop the chip and semiconductor ecosystem within the country. This new phase will take forward the successes of India’s first Semiconductor Mission (ISM 1.0) and establish the country as a self-reliant and strong chip hub at the global level.

Rs 1.27 lakh crore announced for Semicon 2.0

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved ‘India Semiconductor Mission (ISM) 2.0’. For this, Rs 1.27 lakh crore has been allocated and for ‘Mobile Phone Manufacturing Scheme (MPMS)’ Rs 62,500 crore has been allocated. This step will help in creating an electronics manufacturing ecosystem in the country and strengthening India’s position in the global semiconductor supply chain. Giving information about these decisions after the meeting of the Cabinet and Cabinet Committee on Economic Affairs (CCEA), Electronics and Information Technology Minister Ashwini Vaishnav said that the semiconductor package was included in the seven important decisions which were approved under the chairmanship of the Prime Minister.

These projects were also announced

Vaishnav said that I am placing before you seven major decisions taken by the Cabinet and the Cabinet Committee on Economic Affairs (CCEA) under the chairmanship of Prime Minister Narendra Modi. The first two decisions are related to the program of developing infrastructure in a completely new way in Varanasi (Kashi). The third, fourth and fifth decisions are related to ‘Semicon 2.0 Mission’ (Semiconductor 2.0 Mission), which were approved today. These approvals are part of a larger package of seven Cabinet decisions, the total value of which is approximately Rs 2.19 lakh crore. This package also includes infrastructure projects in Varanasi, new National Investment Policy for Urea-2026, doubling of Paradip-Haridaspur rail line and laying of fourth rail line between Dangoaposi and Rajkharswan. The purpose of all these announcements is to promote manufacturing, infrastructure and industrial competition in different sectors.