The Government of India has issued four schemes under the ISM, which as the nodal agency, will be responsible for carrying out technical and financial appraisal of the applications received, recommending selection of applicants and performing other responsibilities as assigned by the Ministry of Electronics and Information Technology from time to time. The Government of India has established the India Semiconductor Mission (“ ISM”) to address the global semiconductor shortage and encourage manufacturers to set up their semiconductor facility in India. Key initiatives and support to semiconductor industry by Government of India While inaugurating the Semicon India 2023, a national-level conference focusing on the semiconductor industry, in Gandhinagar, Gujarat, PM Modi said that India is becoming a grand conductor for investments in the semiconductor sector. In order to reduce the dependency on imports of semiconductors and to fill the semiconductor supply chain gap caused due to COVID-19 and the strained relations between United States and China, the Government of India has approved the Semicon India Programme with an initial financial outlay of INR 76,000 crore (USD 9.13 billion approx.) for the development of a sustainable semiconductor and display ecosystem in India. Currently, majority of the demand in the Indian semiconductor market is met by imports. The Indian semiconductor market is expected to reach USD 55 billion by 2026, more than 60% of which is driven by three industries: smartphones & wearables, automotive components, and computing & data storage.
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