Bhubaneswar (Odisha) [India], August 13 : Union Minister Dharmendra Pradhan on Wednesday stated that Odisha has become an "investment destination" as the government has been planning for a long time to bring the "new-age economy" to the state.
He said the Union Cabinet has decided to provide 50 per cent subsidy for three new semiconductor projects in the country, especially in eastern India.
"Earlier too, there were industries and businesses in Odisha, they were all related to traditional things... but we have been planning for a long time to bring the new-age economy to Odisha. These days, Odisha has become an investment destination. Yesterday, the Union Cabinet decided to provide a 50% subsidy for three new semiconductor projects in India, especially in eastern India. The state government has also decided to provide a 25% subsidy..." Pradhan told the reporters here.
A day earlier, Minister Pradhan lauded Prime Minister Narendra Modi after the Union Cabinet approved four new semiconductor projects worth Rs 4,594 crore in Odisha, Punjab, and Andhra Pradesh.
These projects will significantly boost India's semiconductor ecosystem, promoting self-reliance and positioning the country as a global technology hub.
The minister emphasised that these projects will drive India towards self-reliance and contribute to the vision of a developed India. He underlined the importance of "Swadeshi" in achieving this goal.
Two semiconductor units will be set up in Odisha, and one unit will be established in Andhra Pradesh, marking the beginning of semiconductor manufacturing in these states.
"I thank the Prime Minister. I also thank the PM for making prestigious institutions like IIT knowledge partners. A semiconductor factory was set up in Assam earlier. After today's decision, it will be set up in Odisha. Two units will come up in Odisha, and one such unit will also come up in Andhra Pradesh. Earlier, it started in states like Gujarat, Maharashtra, Tamil Nadu, and Uttar Pradesh. Today, its implementation is starting in three more states," Pradhan said while addressing a press conference.
In a significant push to India's chip-making ambitions, the union cabinet, chaired by Prime Minister Modi, on Tuesday approved four new semiconductor manufacturing projects with a total investment of Rs 4,600 crore under the India Semiconductor Mission (ISM).
The projects will boost domestic production of chips, packaging and advanced materials, generating over 2,000 skilled jobs directly. Out of the four projects that have been approved, two are in Odisha, one in Punjab, and one in Andhra Pradesh.
"Four new semiconductor projects have been approved. You know that six projects are already approved, and four new ones have been added to it today. These are in Odisha, Andhra Pradesh and Punjab, at an investment of Rs 4,594 Crore," Union Minister Ashwini Vaishnaw said at a press conference.
The approvals take the total India Semiconductor Mission (ISM) portfolio to 10 projects across six states with cumulative investments of Rs 1.6 lakh crore. The government said the move is in line with its vision of building a robust and self-reliant semiconductor ecosystem to support sectors ranging from defence to consumer electronics..
Two of the approved projects will come up in Odisha's Info Valley, Bhubaneswar, making the state an emerging hub for the sector.