New Delhi :Prime Minister Narendra Modi on Wednesday hailed the Union Cabinet’s approval of the Semicon 2.0 program, featuring a ₹1.27 lakh crore outlay to establish India as a global semiconductor hub.
In an X post, PM Modi said, “India’s semiconductor journey gets even more vibrant.” “The Cabinet has approved Semicon 2.0 with an outlay of Rs 1,27,500 crore, reaffirming our long-term commitment to making India a global centre for semiconductor design, manufacturing and innovation. Powered by our youth, Semicon 2.0 will strengthen every aspect of the semiconductor ecosystem. Semicon 2.0 will attract greater investment, create high-value opportunities for our youth, strengthen supply chains and advance technological self-reliance in critical sectors,” he noted.
The program focuses on six pillars: chip design, manufacturing, fabrication plants (fabs), research, ATMP/OSAT industry strengthening, and youth talent development. It will incentivize companies manufacturing essential chip-making machinery, materials, chemicals, and gases. The Prime Minister also welcomed two major railway multitracking projects: doubling the Paradeep-Haridaspur line and a fourth line between Rajkharsawan and Dangoaposi.
PM Modi praised these as a “major connectivity boost” on X: “A major boost to connectivity and economic growth in Odisha and Jharkhand! The Cabinet has approved two important railway multitracking projects, the doubling of the Paradeep-Haridaspur line and the fourth line between Rajkharsawan and Dangoaposi. These projects will further growth in Odisha and Jharkhand. They will expand the railway network, ease congestion and boost tourism,” PM Modi wrote.
Additionally, the Cabinet approved two major corridors in Varanasi, Uttar Pradesh: a 6/4-lane elevated corridor along the Varuna River and a six-lane corridor along the Ganga River.
Addressing the Varuna River project, PM Modi said: “We are resolute in making darshan of Baba Vishwanath in Varanasi even more accessible and convenient with the expansion of connectivity in Uttar Pradesh. In this direction, today our government has approved the construction of a 6/4-lane elevated corridor along the banks of the Varuna River. This project will not only serve as a model for our cities of cultural importance, but will also make the lives of people here easier through infrastructure development.” Regarding the Ganga River corridor, he added “We are committed to the development of world-class infrastructure in Kashi. In line with this, today we have approved the construction of a state-of-the-art 6-lane corridor along the banks of the Ganga. This will further improve access to the city’s major religious, educational, and cultural sites. At the same time, the reduced pressure on the road network will make commuting even smoother. This project will accelerate economic development in Purvanchal,” he added. Finally, the Cabinet approved the National Urea Investment Policy-2026 (NIPU-2026) to boost domestic gas-based urea production. Lauding the policy, PM Modi wrote: “Our government is leaving no stone unturned for the welfare of our farmer brothers and sisters across the country. In this direction, today the proposal for the National Urea Investment Policy-2026 has been approved. This will not only encourage investment for the establishment of new gas-based urea production plants, but will also give new strength to the resolve for self-reliance in urea production,” he wrote in a separate post. In comparison to NIP-2012, the new policy introduces transparent cost separation, a 12% to 16% Return on Equity (RoE) band, and reduced foreign exchange risks. These reforms are projected to save over ₹250 crore per plant.
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