Govt increases IT sector budget to 40% as compared to last year

As part of the Union Budget 2023-24, Rs 3,000 crore has been allocated to the Indian Semiconductor Mission, which will help jumpstart the country's semiconductor and display manufacturing industry.

Ministry of Electronics and Information Technology has been allocated Rs 16,549 crore for 2023-24, nearly 40% more than last year. As part of the Union Budget 2023-24, Rs 3,000 crore has been allocated to the Indian Semiconductor Mission, which will help jumpstart the country's semiconductor and display manufacturing industry.

In the modified scheme, Rs 1,799 crore has been allocated for the first time from the Rs 3000 crore corpus to build compound semiconductor plants, silicon photonics plants, sensors plants, discrete semiconductor factories, semiconductor assembly plants, testing, marking, and packaging plants, as well as outsourcing semiconductor assembly and testing facilities.

This budget has also allocated a handsome Rs 1000 crore for setting up the semiconductor fabs in India. Rs 4 lakh has been earmarked for the scheme to set up display fabrication units in India. The design-linked incentive plan, which aims to encourage businesses to develop semiconductor chips and wafers in India, has also been given a budgetary allocation of Rs 200 crore in the Union budget.

A total of Rs 146 crore has been allotted under the PLI plan for IT gear, which pays 2% and 4% incentives on additional sales for products, including laptops, servers, tablets, and all-in-one PCs made in India. Apart front this, the government has announced Rs 4 lakhs for modernisation of the semiconductor laboratory at Mohali.

Rs 2,057 crore has been allocated for various autonomous bodies operating under the Ministry of Electronics and Information Technology.

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