The expenditure department under the ministry of Finance has approved a budget proposal allocating Rs 1.25 trillion for the India Semiconductor Mission (ISM) 2.0, marking a significant step towards strengthening the country’s semiconductor manufacturing ecosystem, according to sources.
The proposed outlay is substantially higher than the Rs 760 billion allocated under the first phase of the ISM.
The Expenditure Finance Committee (EFC) has cleared the proposal and that it will now be placed before the Union Cabinet for approval.
Announced in the Union Budget earlier this year, ISM 2.0 aims to accelerate the development of India’s semiconductor ecosystem by supporting chip manufacturing, semiconductor equipment, materials, indigenous chip design and other related components.