India to give financial aid to firms for setting up semiconductor fabs: PM

Technology firms will be given 50 per cent financial assistance for setting up semiconductor manufacturing facility the country, Prime Minister Narendra Modi said on Friday, as he announced that his government has rolled out the red carpet for semiconductor industries.

Speaking after inaugurating Semicon India 2023 conference in Gandhinagar, Modi said India is establishing an entire ecosystem for the semiconductor industry to grow in the country. We were offering incentives as part of the Semicon India programme. It has been increased, and now technology firms will get 50 per cent financial assistance to set up semiconductor manufacturing facilities in India, Modi said.