India said it had approved two new<a href="https://www.mid-day.com/news/india-news/article/pm-modi-world-ready-to-build-semiconductor-future-with-india-23592262" rel="nofollow"> semiconductor</a> projects worth USD 414 million, as the government accelerates efforts to establish the country as a global electronics powerhouse.
The projects -- an LED display facility and a semiconductor packaging unit were cleared late Monday, taking the total number of facilities in India to 12, with a total investment of about USD 17.2 billion.
New Delhi launched its push into domestic chipmaking in 2021 and has since backed a range of fabrication, design and packaging units as part of a broader strategy to cut import dependence and strengthen supply chains.
<a href="https://www.mid-day.com/news/india-news/article/pm-modi-says-india-strengthening-its-role-as-reliable-semiconductor-supplier-in-global-market-23623496" rel="nofollow">Prime Minister Narendra Modi</a> said the two new projects were a part of "our efforts towards making India a leader in the global semiconductor value chain".
"India's advances in the world of semiconductors will boost economic transformation, technological self-reliance and encourage the innovation ecosystem," he said on social media.
The LED project will be an "integrated facility for compound semiconductor fabrication" aimed at producing mini and micro display modules, the government said in a statement.
The packaging unit will cater to automotive, industrial and electronics sectors.
The projects would provide a "significant boost" to the country's semiconductor ecosystem and "complement the growing world class chip design capabilities coming up in the country", it said.
<a href="https://www.mid-day.com/news/india-news/article/pm-modi-small-chips-made-in-india-will-drive-biggest-change-in-world-23592156" rel="nofollow">India's chip market</a> has risen from around USD 38 billion in 2023 to an estimated USD 45&ndash;USD 50 billion in 2024&ndash;2025.
The government is targeting USD 100&ndash;USD 110 billion by 2030.
Several previously approved plants have begun production, with two facilities already starting commercial shipments.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

India has approved two new semiconductor projects worth USD 414 million as part of its push to become a global electronics and chip manufacturing hub

India approves two semiconductor projects worth USD 414 million to boost chip ecosystem

Congress to back Vijay's TVK, Alliance to extend to future elections 

 Launched in 2021, India’s semiconductor mission aims to reduce import dependence, strengthen supply chains, and expand domestic chip production, with the market projected to grow significantly by 2030

India clears USD 414 million semiconductor projects to boost chip ecosystem

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Home / News / India News / Article / India clears USD 414 million semiconductor projects to boost chip ecosystem