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By promoting local manufacturing, India can reduce its dependence on imports and increase its ability to withstand global supply chain disruptions.

The government has also announced a C2S – chips to startup – programme that will train 85,000 engineers to work in the semiconductor ecosystem.

"I think that this time around, we will do it. And I think that is the kind of confidence that the industry has," said Chandrasekhar.

India is aiming to become self-reliant, and the government has come up with a Rs 76,000 crore package for semiconductor and display manufacturing, which is likely to reduce the company’s dependence on imports in the future.

The Union Cabinet on Wednesday approved a comprehensive programme for the development of a sustainable semiconductor and display manufacturing ecosystem in the country.

Industry leaders have hailed government's semiconductor manufacturing decision, calling it a visionary announcement.

The scheme for setting up of semiconductor fabs and display fabs in India shall extend fiscal support of up to 50 per cent of project cost on the pari-passu basis.

In furtherance of the vision of Aatmanirbhar Bharat and positioning India as the global hub for Electronic System Design and Manufacturing, the Union Cabinet chaired by Hon’ble Prime Minister Narendra Modi has approved the comprehensive program for the development of sustainable semiconductor and display ecosystem in the country. 📰 PM Narendra Modi-Led Cabinet Approves Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India.

Enrico Moretti discusses the effect of high-tech hubs on innovation.