India approves US$13 billion semiconductor plan

NEW DELHI: India approved a new semiconductor programme on Wednesday (Jul 15), offering more than US$13 billion in financial assistance to accelerate local chip production, as it seeks to become a global electronics powerhouse.India's Union Cabinet approved the "Semicon 2.0" initiative, expanding on a drive launched five years ago to reduce reliance on imports and attract investment in one of the world's most strategically important industries.It comes as countries race to secure semiconductor supply chains following pandemic-era disruptions and growing geopolitical tensions that exposed vulnerabilities in global chip production.The programme will focus on strengthening the local semiconductor ecosystem, encouraging domestic production of key materials and attracting global manufacturers t