Lagatar24 Desk
New Delhi, Dec 15: The Union cabinet on Wednesday approved a budget of Rs 76,000 crore for designing and manufacturing semiconductor chips in India.
“The cabinet sanctioned Rs 76,000 crore for the ambitious project, titled Programme for Development of Semiconductors and Display Manufacturing Ecosystem, to be spent over a span of six years,” said Union information and broadcasting minister Anurag Thakur.
According to a statement by the government, this project will have a multiplied effect across different sectors and will help in deeper integration to the global value chain. It would contribute significantly towards achieving USD 5 trillion dollar economy and USD 5 trillion GDP (gross domestic product) by 2025.
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
“Prime minister Narendra Modi has taken a historic decision in the field of electronics in which the development of a complete ecosystem could take place within the country including the design of semiconductor chips to their fabrication, packing and testing,” said Union Minister for Telecom and Information Technology Ashwini Vaishnaw.
He also said that the Cabinet has approved reimbursement of Rs 1,300 crore on digital transactions using UPI and Rupay debit cards.
