New Delhi: The Union Cabinet approved a budget of Rs 76,000 crore on Wednesday for the design and manufacture of semiconductor chips in India. The cabinet endorsed Rs. 76,000 crore for the ambitious initiative, named Programme for Development of Semiconductors and Display Manufacturing Ecosystem, to be funded over a six-year period, according to Union Information and Broadcasting Minister Anurag Thakur.

The initiative will have a multiplier effect across several industries and will contribute to a deeper integration into the global value chain. It would make a substantial contribution toward the goal of a USD 5 trillion economy and USD 5 trillion GDP  by 2025.

Union Minister for Telecom and Information Technology (IT) Ashwini Vaishnaw elaborated on the scheme, saying, "Prime Minister Narendra Modi has made a historic decision in the field of electronics, allowing for the development of a complete ecosystem, including design, fabrication, testing, and packaging, within the country. It would require a Rs 76,000 crore investment. In just seven years, the electronics manufacturing industry has grown to USD75 billion. With our current rate of growth, we will exceed USD300 billion in electronics manufacturing in the next six years."

Aside from that, the union Information and Broadcasting minister announced that the Cabinet has authorised a Rs 1,300 crore refund for digital transactions made with UPI and Rupay debit cards. "A scheme has been approved to provide incentives to boost small-value digital transactions via RuPay Debit Card and BHIM UPI. It will cost roughly Rs 1,300 crore to build "Thakur said.

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