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The centre has cleared a Rs 76,000 crore scheme for semiconductors, aiming to make India a global electronic hub as the shortage of microchips disrupts industrial production. The government will provide a Rs 76,000 crore incentive for the development of the semiconductors and display manufacturing ecosystem in the next six years. The government said this project would bring a new era in electronics manufacturing by providing a global competitive incentive package to semiconductor and display manufacturing companies. It expects to make India a leader in technologies and economic self-reliance. Under the project, the government would increase 50% of the projects' cost to eligible display and semiconductor fabrications. It will convey huge investments in the country and 35,000 specialized jobs with indirect employment for one lakh people. The government will work with the state to establish high-tech clusters regarding land, semiconductor grade water, high-quality power, logistics and research to approve applications for installing two greenfield semiconductor fabrications and two display fabrications in India. It also plans to set up 15 units of Compound Semiconductors and Semiconductor Packaging. According to a report, the project will include provision for 25% incentives on capital expenditure to set up a Compound Semiconductor Wafer Fabrication unit, assembly, testing and packing facility. Image Source