Why in the news?

• The Union Cabinet approved four more semiconductor projects under India Semiconductor Mission (ISM).

India Semiconductor Mission (ISM)

• What is it?
  • The India Semiconductor Mission aimed at promoting the semiconductor industry in India.
  • It seeks to attract investments, develop domestic capabilities, and reduce India’s reliance on imports of semiconductors, which are essential components of various electronic devices.
• Objectives
  • Self-sufficiency: To make India self-sufficient in semiconductor manufacturing and design.
  • Global competitiveness: To establish India as a global hub for semiconductor research, development, and manufacturing.
  • Job creation: To create employment opportunities in the semiconductor industry and related sectors.
  • Technological advancement: To promote technological advancement in the semiconductor industry and related fields.
• Financial Outlay: With an outlay of 76000 crore, the mission was approved in 2021
• Ministry in Charge: Ministry of Electronics and Information Technology.
• Components
  • Financial Incentives: The government is offering financial incentives, such as Production-Linked Incentive (PLI) schemes, to attract investments in semiconductor manufacturing and design.
  • Infrastructure Development: The government is investing in the development of semiconductor manufacturing infrastructure, including fabrication plants, testing facilities, and research and development centers.
  • Talent Development: The government is focusing on developing a skilled workforce in the semiconductor industry through education, training, and research programs.
  • Strategic Partnerships: The government is seeking strategic partnerships with global semiconductor companies to attract investments and technology transfer.