Budget Quote around semiconductor industry | Hitesh Garg

Hitesh Garg, Vice President and India Managing Director

“We’re thrilled about the Budget 2024 giving a strong push to the semiconductor and electronics manufacturing sector in India. The government’s substantial boost in funding for semiconductors, along with the increased total PLI allocation under MEITY, shows a strong commitment to fostering a thriving ecosystem for technological progress.

The semiconductor industry is at the heart of innovation, and the 130 percent rise to Rs 6,903 crore in the budgetary allocation for its development, including support for capex and research, is an important step. This initiative aligns with India’s aspirations to emerge as a prominent player in the global electronics manufacturing landscape. The government’s emphasis on fostering a conducive environment for research and development perfectly mirrors the semiconductor industry’s trajectory.

I believe that these strategic moves will not only accelerate the growth of the semiconductor industry but also elevate India’s position as a preferred destination for the electronics system design and semiconductors. We are excited about these opportunities and look forward to collaborating with stakeholders in the industry. The collaborative spirit and proposed incentives position India as a global semiconductor hub, solidifying its commitment to cutting-edge technological advancements.”