Odisha: A New Hub for India's Semiconductor Revolution

Union Minister Dharmendra Pradhan declared on Wednesday that Odisha has evolved into an 'investment destination' amid strategic plans to usher the 'new-age economy' into the state. In a significant development, the Union Cabinet has approved a 50% subsidy for three new semiconductor projects, especially in eastern India.

Pradhan highlighted the cabinet's decision, which comes as part of broader efforts to establish Odisha as a hub for the burgeoning semiconductor industry. Complementing this, the state government has pledged a 25% subsidy. The minister praised Prime Minister Narendra Modi for spearheading these initiatives, with the cabinet approving four new semiconductor projects valued at Rs 4,594 crore across Odisha, Punjab, and Andhra Pradesh.

The projects are poised to enhance India's semiconductor ecosystem, driving self-reliance and positioning the nation as a global tech powerhouse. Featuring two semiconductor units in Odisha and one in Andhra Pradesh, these initiatives mark the start of manufacturing in these regions. Pradhan expressed gratitude to the Prime Minister, highlighting collaboration with top institutions like IITs as knowledge partners.

(With inputs from agencies.)