The Indian government has approved a $13.3bn semiconductor programme aimed at establishing India as a global hub for chip manufacturing.
The Semicon 2.0 initiative, which was announced in an official statement by India's Union Cabinet, will provide “long-term policy support” for India’s chip sector and help “put our country on the semiconductor map of the world”.
Currently, with much of the world’s semiconductor manufacturing concentrated in East Asia, including China, geopolitical tensions and potential supply chain issues have prompted countries around the world to invest heavily in domestic production.
The focus of this new scheme will be on expanding India's capabilities in semiconductor design, chip fabrication, chip packaging and testing, electronics manufacturing, research and innovation, and building a stronger semiconductor ecosystem, the statement said.
It follows Semicon 1.0, which was launched in 2021 to help stimulate the industry by covering up to 50% of the project...