Cabinet big decisions: Rs 76,000 crore plan approval for semiconductor manufacturing, PM irrigation approval

The Union Cabinet on Wednesday approved several important schemes. These include the Rs 76,000 crore semiconductors and display manufacturing scheme and the Prime Minister’s Krishi Sinchai Yojana, which will benefit 22 lakh farmers.

The decisions were taken at a Union Cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday. After the meeting, IT Minister Ashwini Vaishnav briefed about the semiconductor manufacturing scheme. He said it was a historic decision. Under this the design, fabrication, packaging, testing and complete ecosystem of semiconductor chips are developed in the country. An incentive of Rs 2.3 lakh crore will be provided to make India a global hub. For this ‘India Semiconductor Mission’ will be launched.

Semiconductors are used
Semiconductors are used in smartphones, data centers, computers, laptops, tablets, smart devices, vehicles, home electronics, life-saving devices, ATMs, etc. The Modi government hopes to become the electronics manufacturing hub in the country. The government has introduced several schemes to promote manufacturing and exports. Creating a semiconductor hub will strengthen the manufacturing base in the country. It is planned to set up one or two units for displays and 10 units each for designing and manufacturing components.

After the meeting, Union Minister Anurag Thakur and Union Water Energy Minister Gajendra Singh Shekhawat said the ambitious project to establish and demonstrate the complete semiconductor ecosystem in the country was approved. 76,000 crore will be spent on this project in 6 years.

Similarly, Minister Shekhawat said the Union Cabinet had approved the implementation of the Prime Minister Krishi Sinha’s plan for the year 2021-26. It will benefit about 22 lakh farmers.

Union Minister Ashwini Vaishnav said that today almost 20% of the engineers in India are in the semiconductor industry. To increase this number, the ‘Chips to Startup’ program was designed for 85,000 highly qualified, well-trained engineers. It prepares BTech, MTech and PhD engineers.

Rs 1,300 crore will be invested to boost digital payments
The Government of India will refund the Merchant Payment at the Merchant Discount Rate (MDR) for Rupee Debit Card and UPI Payment, as India has developed the Rupee Card. 1300 crore will be invested in 1 year so that more people will be inclined towards digital payment.

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