India imported semiconductor chips, integrated circuits, memory chips, electronic circuit components, and amplifiers worth Rs 1.71 lakh crore during the fiscal year 2023-24, according to Jitin Prasada, Minister of State for Electronics and Information Technology, Government of India. To reduce dependency on imports and foster a domestic semiconductor manufacturing ecosystem, the government has approved five major semiconductor chip manufacturing and assembly projects. These initiatives involve a combined investment of Rs 1.52 lakh crore, Prasada stated during a session in the lower house of Parliament.

In addition to manufacturing and assembly units, nearly 15 semiconductor design companies have received government approval under the Design Linked Incentive (DLI) scheme. This initiative aims to support innovation and development in the semiconductor design space. Highlighting the focus on skill development, the minister revealed that the IT ministry spent Rs 28.95 crore on semiconductor-related capacity building and training programs during the last financial year. For the current fiscal year, the expenditure on such initiatives has already reached Rs 69.84 crore. "Building a robust semiconductor ecosystem requires world-class talent, and the Government of India is prioritizing skill development and workforce training to bridge existing gaps," Prasada emphasized in the Lok Sabha.