The semiconductor industry, being the backbone of modern technology, is witnessing rapid advancements and innovations. In a bid to foster growth and encourage indigenous development, Rajeev Chandrasekhar, a visionary entrepreneur and Member of Parliament acting as the IT Minister, has initiated a design subsidy scheme for startups in the semiconductor sector.
Rajeev Chandrasekhar on July 27 said that the ministry is currently evaluating 25 startups for availing government financial support under the semiconductor design subsidy scheme. Five startups have already availed the incentive, Chandrasekhar added. The minister has been actively speaking on the various investments coming through the world’s biggest semiconductor giants in India. In July itself, Rajeev took a strong stand against Foxconn’s withdrawal of billion dollars deal with Vedanta for chip-making in the country which is undergoing a gigantic technological overturn under PM Modi’s “Make In India” campaign. The minister put out his valiant opinion on this topic when he said “The stepping back of $19.5 billion deal by Foxconn won’t affect India’s bigger plan in upcoming times.”
As a seasoned entrepreneur and investor, Rajeev Chandrasekhar has always been a strong advocate for nurturing startups and promoting a conducive environment for innovation. His vision for the startup ecosystem in India includes providing necessary financial and infrastructural support to startups working on cutting-edge technologies. With a focus on semiconductors, Mr. Chandrasekhar aims to enable these startups to turn their ideas into market-ready products.
The minister was speaking to mediapersons ahead of the beginning of the second edition of the annual SemiconIndia conference in Gandhinagar, Gujarat. Chandrasekhar’s statement and the annual semiconductor conference in Gandhinagar comes at a time when the Indian government wants to establish a thriving semiconductor manufacturing hub in the country, rivaling countries like Taiwan. Major players such as Foxconn, Micron and AMD are set to attend the conference.
In the design part of the semiconductor ecosystem, we are charging forward today with almost 30 startups. Five startups have been given direct government financial support and 25 more are being evaluated.
Chandrasekhar told media persons.
