India’s Cabinet has approved the expansion of a key programme to develop the semiconductor industry, with funding of 1.28 trillion rupees ($13.3 billion), Information Minister Ashwini Vaishnaw has announced.
The investment will be directed towards research and development in the fields of intellectual property and microchip design, the establishment of new manufacturing facilities, the intensification of R&D, and staff training.
Five years ago, India unveiled a $10 billion plan to boost the development of the semiconductor industry as part of efforts to transform the country into a global hub for electronics manufacturing. According to the government, the plan has approved the establishment of 12 manufacturing plants and 24 semiconductor projects, reports Reuters.
The Cabinet has also approved the allocation of 625 billion rupees for a five-year programme aimed at developing mobile phone manufacturing in the country, Mr Vaishnau said. In particular, the programme provides for incentives for the domestic procurement of components.
According to a government statement, the programme is expected to create around 60,000 jobs.