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India launches $13 billion program to boost semiconductor production
India has launched a program worth over $13 billion to promote the local production of semiconductors, aiming to reduce dependence on imports and establish a global presence in the electronics industry. The Cabinet has approved the "SOMICON 2.0" initiative, which expands upon a previous plan to support chip manufacturing and packaging projects, including the launch of 12 projects such as facilities for assembling and testing semiconductors. India expects the chip market size to grow from approximately $38 billion in 2023 to between $100 billion and $110 billion by 2030.
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