The Ministry of Electronics and Information Technology has given approval for the semiconductor policy. It is reported quoting sources that the government has given its permission to provide Rs 76 thousand crores. Companies like BHEL, MoschipTech, and Bosch will benefit significantly from this approval. The Tata Group had also expressed its interest in setting up semiconductor plants. Recently, semiconductor shortages are being seen all over the world. Also Read - Are you also disappointed with smartphone brands like OnePlus, Samsung, more for delaying India launch of their products, here’s the reason why
The government has said that under this scheme, display and semiconductor fabricators will offer financial support up to 50 percent of the project cost. If India becomes a global electronics production hub, many electronic devices, including smartphones, will become cheaper. In such a situation, this government step will prove to be a significant advantage for Indians, and India’s dependence on countries will also be reduced. Also Read - How chip shortage is forcing the world's biggest automobile company to shut factories
Many foreign companies want to set up their chip production plant in India, and they are also in constant touch with the Government of India. In the coming times, India can see essential production plants of foreign companies, which will manufacture semiconductor chips and make displays. Also Read - Why it makes no sense to buy a Rs 15,000 phone in India right now
Several companies show interest in setting Semiconductor companies in India, including Israel’s Tower Semiconductor, Apple’s contract manufacturer Foxconn, and Singapore-based companies. In addition, Vedanta Group has also shown its interest in the semiconductor unit.
As far as India is concerned, the country imports all types of semiconductors worth about $ 24 billion, expected to increase to $100 billion by 2025. Now, when the country and the world are struggling with the shortage of semiconductors, the government is again trying to make India self-reliant regarding semiconductors.
The job of a semiconductor is to power all electronic devices. You can do fast computing, operation control, data processing, storage, input-output management, sensing, and wireless connectivity through these. That is, without it, artificial intelligence, quantum computing, advanced wireless networks, blockchain applications, robots, drones, games, smartwatches, and even 5G technology cannot be imagined.