Latest News | Semiconductor Chip Import Increased 18.5 Pc to Rs 1.71 Lakh Crore in FY24

New Delhi, Dec 6 (PTI) The semiconductor imports in India rose 18.5 per cent to Rs 1.71 lakh crore in 2023-24, Parliament was informed on Friday.

According to data shared by the Minister of State for Electronics and IT Jitin Prasada, India imported 18.43 billion semiconductor chips in FY24.

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Citing the Directorate General of Commercial Intelligence & Statistics (DGCIS) portal, he said that in 2022-23, 14.64 billion chips were imported into the country at a valuation of Rs 1.297 lakh crore.

In 2021-22, the country imported 17.89 billion chipsets worth Rs 1.071 lakh crore, according to the data.

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The Indian government has initiated programmes like the Semicon India to lessen reliance on imports by fostering domestic production and attracting foreign investments.

The Semicon India programme has an outlay of Rs 76,000 crore for the development of the semiconductor and display manufacturing ecosystem in the country.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)