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India imported semiconductor chips worth Rs 1.71 lakh crore last fiscal: MoS IT

Economic Times

Economic Times · 7m ago

India imported semiconductor chips worth Rs 1.71 lakh crore last fiscal: MoS IT

The Indian government plans to reduce its semiconductor chip imports by promoting domestic chip manufacturing projects. In the fiscal year 2023-24, India imported chips and related components worth Rs 1.71 lakh crore. To address this, the government has approved five semiconductor chip manufacturing and assembly projects with a total investment of Rs 1.52 lakh crore. Additionally, they have approved proposals from 15 semiconductor design companies and provided access to necessary tools for chip design. The government is also investing in training engineering students for careers in the semiconductor industry and has allocated funds for capacity building and skill development.

Related News

India’s semiconductor industry to grow to $109 billion by 2030: MoS IT tells Lok Sabha

Economic Times

Economic Times · 11m ago

India’s semiconductor industry to grow to $109 billion by 2030: MoS IT tells Lok Sabha

The Indian semiconductor industry is expected to grow substantially by 2030, reaching $109 billion from the current $38 billion in 2023. The government has approved the establishment of four semiconductor units with a total investment of Rs 1.48 lakh crore under the India Semiconductor Mission. Additionally, 13 semiconductor design companies have been approved. The government provides fiscal support and incentives to encourage chip manufacturing and product design in the country. Through these initiatives, significant investments have been made, leading to the production of Rs 18,083.55 crore as of June 30.

UPI transactions jump 36% to Rs 60 lakh crore in June quarter

Economic Times

Economic Times · 11m ago

UPI transactions jump 36% to Rs 60 lakh crore in June quarter

In the first quarter of the current fiscal year, UPI transactions have seen a 36% growth to reach Rs 60 lakh crore, according to Minister of State for Finance Pankaj Chaudhary. Between April and June 2024-25, there were 4,122 crore UPI transactions worth Rs 60 lakh crore. For the entire fiscal year 2023-24, there were 13,113 crore UPI transactions with a value of Rs 200 lakh crore. The facility of cardless cash deposits through UPI has also been extended, subject to certain conditions and limits.

FY25 fiscal deficit on track: Touches 100.5% of revised target at Rs 15.77 lakh crore

Business Today

Business Today · 1m ago

FY25 fiscal deficit on track: Touches 100.5% of revised target at Rs 15.77 lakh crore

The fiscal deficit for FY25 reached Rs 15.77 lakh crore, achieving 100.5% of the revised target. Government expenditure was Rs 46.56 lakh crore, 98.7% of the fiscal year's budget target. Revenues totalled Rs 30.36 lakh crore, with Rs 24.99 lakh crore from taxes and Rs 5.38 lakh crore from non-tax sources. The fiscal deficit target for FY26 is set at 4.4%.

Union minister Ashwini Vaishnaw announces new chip unit with Rs 3,700 crore outlay

Economic Times

Economic Times · 2m ago

Union minister Ashwini Vaishnaw announces new chip unit with Rs 3,700 crore outlay

Union Minister Ashwini Vaishnaw announced a new semiconductor unit in Uttar Pradesh under the India Semiconductor Mission, with an investment of Rs 3,700 crore. This will be the sixth plant under the government’s flagship chip initiative, focusing on manufacturing display chips for smartphones, automobiles, and personal computers. The facility is designed to handle 20,000 wafers and produce 36 million chips per month, enhancing India’s semiconductor capabilities.

Union Cabinet Approves India’s Sixth Chip Unit Worth Rs 3,700 cr

OutlookIndia

OutlookIndia · 2m ago

Union Cabinet Approves India’s Sixth Chip Unit Worth Rs 3,700 cr

The Indian Union Cabinet approved the establishment of a sixth semiconductor unit under the India Semiconductor Mission, valued at Rs 3,700 crore. A joint venture between HCL and Foxconn will build it near Jewar airport, producing display driver chips for various electronic devices. This development marks a strategic milestone in India's semiconductor industry, enhancing its capability and aligning with the "Make in India" initiative, as demand for such chips is expected to grow significantly.

Cabinet gives nod to Tata Electronics’ proposal for semiconductor chip fabrication unit

Economic Times

Economic Times · 1y ago

Cabinet gives nod to Tata Electronics’ proposal for semiconductor chip fabrication unit

The Indian government has approved Tata Electronics' proposal to establish a semiconductor chip fabrication unit in Gujarat, in partnership with Taiwanese Powerchip Semiconductor Manufacturing Corp (PSMC). This marks India's first pure-play foundry. The project, worth Rs 91,000 crore, is expected to produce 50,000 wafers per month, with an annual production estimated at 300 crore chips for various sectors. Additionally, proposals for Tata Semiconductor Assembly and Test Unit's semiconductor test facility in Assam and CG Power's OSAT unit in Gujarat were also approved. The three projects combined will create 20,000 advanced technology jobs and 60,000 indirect jobs.

MediaTek lauds India plan to start with mature nodes

Economic Times

Economic Times · 1y ago

MediaTek lauds India plan to start with mature nodes

India is on the path to achieving self-sufficiency in semiconductors by starting with the production of less complex mature nodes, according to Anku Jain, Managing Director of MediaTek India. This strategy is seen as a good approach as it is easier to implement and fulfills the requirements for many use cases. The recent approval of three semiconductor units in India, with a total investment of over Rs 1.25 lakh crore, further supports the country's goal. MediaTek is open to sourcing chips from Indian companies if they meet their requirements. While it may take time, India has the potential to become one of the top five semiconductor producers.

Swiggy allots shares worth Rs 30 Cr under ESOP scheme

YourStory

YourStory · 4m ago

Swiggy allots shares worth Rs 30 Cr under ESOP scheme

Swiggy announced the allotment of 8.64 lakh equity shares under the Swiggy ESOP Plan 2021, totaling over Rs 30 crore based on the stock's NSE closing price of Rs 355. This follows a recent allotment of 1.71 crore shares under its ESOP 2015 and ESOP 2021 programs. Including a previous allotment in January, Swiggy has issued 5 crore shares this year. This move aligns with similar strategies by companies like Nykaa and Paytm.

The thorny side of India’s newly won rice crown

Livemint

Livemint · 1m ago

The thorny side of India’s newly won rice crown

India recently became the world’s largest rice producer, overtaking China. However, this achievement has impacted the production of pulses and oilseeds, leading India to rely heavily on imports for these crops. In the fiscal year 2025, India imported ₹46,428 crore worth of pulses, marking a 49% year-on-year increase. This shift highlights the growing dependency on imports for dietary essentials as rice production dominates agricultural priorities.

Kaynes set to deliver India’s first packaged chip by July

Economic Times

Economic Times · 3m ago

Kaynes set to deliver India’s first packaged chip by July

Kaynes Semicon, based in Mysuru, is set to become the first Indian company to deliver packaged semiconductor chips by July, supporting the India Semiconductor Mission 1.0. The company has received government approval to establish a Rs 3,307 crore OSAT facility in Gujarat, projected to produce 6.3 million chips daily. Kaynes has a multi-year deal with Alpha Omega Semiconductor and anticipates significant revenue, expanding its ventures with a new PCB factory in Tamil Nadu and additional projects in Odisha and Madhya Pradesh.

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