India's Semiconductor Revolution: 25 Startups Evaluated for Government Support
From Startups to Global Competitors, India's Thriving Semiconductor Ecosystem
27 July 2023
|
Kunal Tyagi
Indian government evaluating 25 startups for semiconductor design subsidy scheme
Five startups already benefiting from the scheme's financial incentives
SemiconIndia conference attracting major players like Foxconn, Micron, and AMD
The Indian government's ambitious plan to establish a strong semiconductor manufacturing hub in the country is gaining momentum. Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, recently announced that the ministry is currently evaluating 25 startups for government financial support under the semiconductor design subsidy scheme. This scheme aims to bolster the semiconductor ecosystem in the nation and attract major players from the industry.
Speaking to the media ahead of the second edition of the SemiconIndia conference in Gandhinagar, Gujarat, Chandrasekhar highlighted the progress made in nurturing semiconductor startups. So far, five startups have already availed the incentives provided under the scheme. This support is crucial in enabling these startups to flourish and contribute to the development of cutting-edge semiconductor technology.
The minister's announcement comes at a time when the government is determined to compete with global leaders like Taiwan in the semiconductor domain. The SemiconIndia conference in Gandhinagar is set to witness the participation of major players such as Foxconn, Micron, and AMD, signifying the growing interest and investment in India's semiconductor sector.
Apply to Xartup Fellowship Program
Get ₹1.5 Crore Technical Funding
The Design-Linked Incentive Scheme, introduced by the Ministry of Electronics and Information Technology in 2021, is the driving force behind the financial support provided to the startups. The scheme offers financial incentives and design infrastructure support to domestic companies, startups, and MSMEs engaged in the development and deployment of semiconductor design for various applications, including integrated circuits (ICs), chipsets, system-on-chips (SoCs), systems & IP cores, and semiconductor-linked designs. This support is set to be extended for a period of five years, ensuring long-term growth and stability for the startups.
Chandrasekhar also addressed the development of electronics ancillary industries in the country. He emphasized that the government is ready to implement a Production Linked Incentive (PLI) scheme if deemed necessary. The focus is on creating a vibrant component ecosystem that complements the semiconductor sector and facilitates its growth.
As the Indian government actively supports the semiconductor ecosystem through financial incentives and policies, the nation is poised to become a significant player in the global semiconductor market. The ongoing evaluation of 25 startups for the semiconductor design subsidy scheme showcases the commitment of the government to provide a conducive environment for startups to thrive, innovate, and contribute to India's technological advancement. With the participation of major industry players in the SemiconIndia conference, the stage is set for India's semiconductor industry to leap into a new era of growth and success.
Startup news delivered to your mail
Recommended for you
Paytm Loss Widens and Revenue Shrinks as it Grapples with Regulatory Clampdown
Discover 2023's 10 Hottest Upcoming IPOs
India Budget 2024: 5 Key Takeaways for Investors