Union minister Ashwini Vaishnaw took a masterclass on the development of India’s semiconductor ecosystem in his office during his interaction with the media on Thursday. The Union Cabinet on Thursday approved proposals to set up three semiconductor plants including a mega fab by Tata Group with a total investment of Rs 1.26 lakh crores.
Minister for Electronics and IT Ashwini Vaishnaw held a media interaction after the Union Cabinet gave its nod for the projects. In a four-minute video, Vaishnaw could be seen and heard charting out development of India’s semiconductor ecosystem on a white board in his office.
Watch the video here:
On Friday, Prime Minister Narendra Modi hailed the move saying it will further strengthen India's "transformative journey" towards technological self-reliance.
"With the Cabinet approval of three semiconductor units under the India Semiconductor Mission, we are further strengthening our transformative journey towards technological self-reliance," Modi said in a post on X.
This will also ensure India emerges as a global hub in semiconductor manufacturing," PM Modi said further.
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Incentives of upto Rs 76,000 crore is being offered by the government to boost the domestic manufacturing of semiconductors, an essential component of electronic devices and key part in mobile phones, laptops, refrigerators, washing machines, and automobiles among others.
Vaishnaw told reporters after the cabinet meeting that the three units approved for support under the scheme will make chips for various sectors, including defence, automobiles, and telecommunications.
The construction of the three units will begin within the next 100 days, said the Union minister.