India, July 2 -- India has taken another major step towards building a globally competitive semiconductor industry, with the Expenditure Finance Committee clearing a proposal for India Semiconductor Mission (ISM) 2.0 with an allocation of Rs. 1.25 lakh crore (US$ 13.21 billion).

The proposal, which is now awaiting Cabinet approval, represents a substantial increase over the Rs. 76,000 crore (US$ 8.03 billion) allocated under ISM 1.0.

Announced in the Union Budget 2026-27, ISM 2.0 seeks to promote a comprehensive semiconductor ecosystem covering semiconductor equipment, materials, indigenous intellectual property, chip design, manufacturing and resilient supply chains.

Union Minister for Electronics and IT, Ashwini Vaishnaw, has stated ...