Technology firms will be given 50% financial assistance for setting up semiconductor-manufacturing facilities in the country, Prime Minister Narendra Modi said on Friday, July 28, 2023, as he announced that his government had rolled out the red carpet for semiconductor industries.
Speaking after having inaugurated the Semicon India 2023 conference in Gandhinagar, Mr. Modi said India was establishing an entire ecosystem for the semiconductor industry to grow in the country.
“We were offering incentives as part of the Semicon India programme. It has been increased, and now technology firms will get 50% financial assistance to set up semiconductor-manufacturing facilities in India,” Mr. Modi said, adding that the semiconductor industry would witness exponential growth in India.
