Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
Live Now : Nifty Banker 3.0 | India's First Retail Index Traders Online Conference.
Budget 2023
Budget 2023
you are here: HomeNewsBusiness

Centre to extend support beyond $10 billion to semiconductor sector in case of more proposals

The $10 billion plan was revealed by Prime Minister Narendra Modi last year, where the government would cover as much as 50 percent of the project cost in a bid to attract companies to invest in the country.

April 29, 2022 / 04:45 PM IST
[Representative image: Shutterstock]

[Representative image: Shutterstock]

The Centre will extend further support beyond the initial $10 billion to attract the semiconductor industry if there are more proposals and this first round gets closed, said Ashwini Vaishnaw, Union IT minister.

Speaking to the media persons at the Semicon India 2022 event, Ashwini Vaishnaw, Union IT minister, said, “This $10 billion incentive package is the first tranche. But as it progresses and the first tranche gets closed, we will definitely go from there. We have an appetite for more.”

According to him, developing the semiconductor industry in India is the 20-year roadmap, and the government is open to investments in the area.

The $10 billion plan was revealed by Prime Minister Narendra Modi last year, where the government would cover as much as 50 percent of the project cost in a bid to attract companies to invest in the country.