At an Independence Day address from the Red Fort, Prime Minister Narendra Modi announced that India-made semiconductor chips will be on the market by the end of the year. This marks a major step forward in the country’s goal of becoming a global hub for semiconductor manufacturing.
A New Era for Semiconductors
According to PM Modi, files related to semiconductor development were first created 50-60 years ago, but the idea never moved forward. The prime minister stated that precious decades were lost, allowing other nations to dominate the sector. To reverse this, the current government is pursuing semiconductor manufacturing with a “mission mode” approach. Six new units are being established, with four already approved. These units, part of the India Semiconductor Mission (ISM), will be set up in Odisha, Andhra Pradesh, and Punjab with a total investment of Rs 4,600 crore.
Focus on Critical Minerals
In addition to semiconductors, PM Modi emphasized the strategic importance of critical minerals and the need for India to become self-reliant in this area. He pointed out that these minerals are vital for industries like energy, defense, and technology.
To achieve this goal, the government has launched the National Critical Minerals Mission (NCMM). Exploration is currently underway at over 1,200 sites across the country. The government is also encouraging private sector investment in the production of rare earth magnets, with a dedicated scheme offering Rs 1,345 crore in incentives. The Union Cabinet recently approved the NCMM with an expenditure of Rs 16,300 crore and an expected investment of Rs 18,000 crore from Public Sector Undertakings.
