India's semiconductor chip imports hit ₹1.71 lakh crore in FY24
India's imports of semiconductor chips, integrated circuits, parts of electronic integrated circuits and micro assemblies, and amplifiers stood at an astonishing ₹1.71 lakh crore in the fiscal year 2023-24. Jitin Prasada, the Minister of State for Electronics and Information Technology, revealed this information in a session in the Lok Sabha today. The minister also emphasized the government's push to strengthen domestic production capabilities for these key components.
Semiconductor chip manufacturing projects approved
Answering a question in the lower house of Parliament, Prasada said that the government has approved five semiconductor chip manufacturing and assembly projects. These projects entail a total investment of ₹1.52 lakh crore. The move is part of a larger plan to decrease India's dependence on imported semiconductors and boost domestic production in the sector.
Design linked incentive scheme attracts semiconductor firms
Along with the chip making and assembly projects, the Centre has also approved proposals from nearly 15 semiconductor design firms under the Design Linked Incentive scheme. Additionally, 41 semiconductor design firms have been provided access to essential tools for chip designing (known as EDA tools), through the National EDA Tool Grid in ChipIN Centre at C-DAC Bengaluru.
Government trains engineering students for semiconductor industry
Further, Prasada also shared that the government has trained 25,257 engineering students across 113 organizations under the chips-to-start-ups scheme. The goal is to prepare a total of 85,000 industry-ready manpower for semiconductor chip design, very-large-scale integration (VLSI), and embedded system design areas under this initiative. "Government of India acknowledges the importance of nurturing world-class talent to build a robust semiconductor ecosystem," he stated.
