Cabinet approves ₹1.27 lakh crore for Semicon Mission 2.0, for mobile manufacturing, new highways
The Indian Cabinet has approved ₹1.27 lakh crore for the second phase of the India Semiconductor Mission to boost domestic chip manufacturing. The initiative aims to achieve self-reliance in chip design and production while addressing global supply shortages.
Why it matters
This investment is a strategic move to position India as a global hub for semiconductor manufacturing and reduce dependency on foreign imports.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has cleared several projects, including ₹1.27 lakh crore for the second edition of India Semiconductor Mission and ₹62,500 crore for the mobile phone manufacturing scheme (MPMS) as part of efforts to localise manufacturing amid raging West Asian crisis.
The cabinet also accorded approval to two major highway projects worth ₹25,400 crore to ease congestion in Varanasi and as many as nine new gas-based urea plants across the country with a production capacity of 10 million tons.
The cabinet has accorded approval for the ₹1.27 lakh crore for the second edition of India Semiconductor Mission through which the government expects to attract investments of around ₹4 lakh crore and lead to semiconductor production worth ₹2 lakh crore during the scheme period.
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