Govt Preparing To Float Semiconductor Mission 2.0: Meity Secretary

(MENAFN- IANS) New Delhi, Sep 2 (IANS) The Centre is preparing to launch the second phase of the India Semiconductor Mission (ISM), with almost all fiscal support under the first phase already allocated, Electronics and IT Secretary S. Krishnan said on Tuesday.

Speaking at Semicon India 2025 in New Delhi, Krishnan noted that funding for ISM 1.0 was largely committed, with only "two to three straggling projects" still being finalised.

"We are in the final stages of preparing ISM 2.0, which will soon be placed in the public domain," he said.

Together, the Central and state governments are anticipated to provide close to $30 billion in fiscal assistance to fortify the semiconductor industry, the Secretary said.

He emphasised India's advantages, pointing out that the nation produces about 1.1 million STEM graduates a year and employs more than 20 per cent of the world's semiconductor design engineers.

Additionally, he cited the swift growth of the mobile phone sector and the increasing significance of chips in space and defence as reasons why international investors should collaborate with India.

Earlier in the day, inaugurating 'Semicon India 2025' here, Prime Minister Narendra Modi said that the world now trusts India and is ready to build the future of the semiconductor industry with it, adding that the government will soon launch the next generation of reforms in the field of semiconductors.

PM Modi underlined India's growing role in the global chip market and said the country is set to play a pivotal part in the trillion-dollar semiconductor sector.

"Investments of $18 billion are being made in 10 semiconductor projects approved since 2021," he said.

"The world trusts India, the world believes in India, and the world is ready to build the semiconductor future with India," the PM stated, adding that while the last century was shaped by oil, the future will be shaped by chips.

The Prime Minister pointed out that the global semiconductor market, which has already reached a value of $600 billion, will soon cross the $1 trillion mark, and India will play a major role in it.

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