India to give 50% financial aid to firms for setting up semiconductor facility in country: PM Modi

Prime Minister Narendra Modi on Friday inaugurated the Semicon India 2023 conference in Gandhinagar. He announced that his government has rolled out the red carpet for semiconductor industries.

"Technology firms will be given 50 per cent financial assistance for setting up semiconductor manufacturing facility in the country," the prime minister said. 

PM Modi said India is establishing an entire ecosystem for the semiconductor industry to grow in the country.

The semiconductor industry will witness exponential growth in India, Modi said. India is becoming a grand conductor for investments in the semiconductor sector, Modi said.