Union Budget 2024-25: Government Allocates $832 Million for Semiconductor Development

The Union Budget has earmarked USD 832 million (INR 6,903 crore) to boost the semiconductor ecosystem in India. This announcement follows the USD 9 billion incentive scheme announced in December 2021.

The allocation includes a USD 180 million modified scheme for setting up semiconductor factories in India and USD 500 million for setting up Assembly, Testing, Marking, and Packaging (ATMP) facilities in the country. Furthermore, USD 12 million has been allocated for setting up display fabs in India.

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Apart from this, USD 24 million has been allocated for the modernization of the semiconductor laboratory in Mohali. Recently, major semiconductor companies like Tata Group, Tower Semiconductor, and Texas Instruments, among others, have reportedly submitted bids to the government to modernize the Semiconductor Laboratory (SCL) in Mohali.

The government hopes to incentivize major players like Intel, TSMC, and Samsung to establish manufacturing units in India. This will not only boost domestic production but also create a robust supply chain for critical electronic components.

The government plans to invest in skilling and training programs to create a workforce capable of supporting the semiconductor industry. This will address the talent gap that currently exists in the sector.

The need for a robust domestic semiconductor industry has become increasingly evident in recent years, with global chip shortages disrupting various sectors like automotive, electronics, and telecommunications. India, with its large consumer base and growing technological ambitions, cannot afford to be overly reliant on foreign chipmakers.

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