The Ministry of Electronics and Information Technology (MeitY) has received a funding from the Indian government totaling Rs 16,549 crores as part of the Budget 2023–2024, an increase from Rs 11,719 crore in the amended Budget for 2022–2023. In an effort to develop semiconductor manufacturing in India, a sizable chunk of the budget corpus—an increase of more than 41%—has been committed to the Modified Programme for Development of Semiconductors and Display
Manufacturing in India. This week, the Finance Minister Nirmala Sitharaman released the Budget 2023–24 and pledged a reduction in customs duties for the import of Li-Ion batteries, camera lenses, and other components used in the manufacture of mobile phones. The government has allocated more than Rs 3000 crores in the full Budget allocation, which was later made public, to advance its ambitions for domestic semiconductor and display manufacturing for the fiscal years 2023–2024.
The push for semiconductors in India was given Rs 200 crores in the revised budget 2022–23 last year, but this year, it has been boosted to Rs 3000 crores. The government of India is currently pushing for the establishment of discrete semiconductor fab and assembly facilities as well as the development of the semiconductor lab in Mohali.
Additionally, the PLI scheme would receive Rs 4,645 crores from the Budget 2023–24 for massive electronics production and IT hardware. It's interesting to note that the government's estimated budget for the Digital India programme has been cut from Rs 7,603 crores to Rs 4,795 crores.
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