New Delhi: On 15th December, The Union Cabinet approved a budget of Rs 76,000 crore for designing and manufacturing semiconductor chips in India to increase Semiconductor Production in India as the world suffers from Chip Shortage.
Union Information and Broadcasting Minister Anurag Thakur while briefing the cabinet decisions said, “the cabinet has sanctioned Rs76,000 crore for the ambitious project, titled Programme for Development of Semiconductors and Display Manufacturing Ecosystem, to be spent over six years”
The government believes it will contribute significantly to the goal of achieving a 5 trillion dollar economy and USD 5 trillion GDP (gross domestic product) by 2025.
Further elaborating, Union Minister for Telecom and Information Technology (IT) Ashwini Vaishnav said, “PM Modi has taken a historic decision in the field of Electronics. A complete ecosystem will take place within the country including design, fabrication, testing, and packaging. It would take the investment of Rs 76,000 crore. Today we have reached USD75 billion in electronics manufacturing in 7 years. With the pace that we are moving at, in the next 6 years, we will reach USD300 billion in electronics manufacturing.”
Apart from this, A scheme has been approved to provide incentives to encourage digital transactions through RuPay Debit Card and BHIM UPI of small amounts. It will incur an expense of around Rs 1,300 crore. The Government aims to overcome Visa and MasterCard and use RuPay as a major transactional window.