BUSINESS

Cabinet’s decision on semiconductors will encourage innovation; boost manufacturing: PM Modi

The Union Cabinet approved a Rs 76,000-crore policy boost for semiconductor and display manufacturing ecosystem in the country.

Prime Minister Narendra Modi said on Wednesday that the Cabinet’s decision on semiconductors will encourage research and innovation in the sector and also boost manufacturing, strengthening the ‘Aatmanirbhar Bharat’ programme.

The Union Cabinet has approved a Rs 76,000-crore policy boost for semiconductor and display manufacturing ecosystem in the country in a bid to position India as a global hub for hi-tech production.

Also Read: Cabinet approves Rs 76,000-crore PLI scheme for semiconductor manufacturing

Announcing the decision of the Cabinet, IT and Telecom Minister Ashwini Vaishnaw observed that electronics plays an important role in everyday life and semiconductor chips form a crucial part of it.

Modi tweeted, “Today’s Cabinet decision on semi-conductors will encourage research and innovation in the sector. It will also boost manufacturing and thus strengthen the dream of an Aatmanirbhar Bharat.”

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