India, June 30 -- The Centre has moved a step closer towards launching the India Semiconductor Mission 2.0 (ISM 2.0) after the finance ministry's expenditure finance committee (EFC) cleared a Rs.1.25 Lakh Cr proposal for the programme.

According to a PTI report, the programme will be taken to the Union cabinet for the final approval following the EFC's nod.

Notably, the outlay for ISM 2.0 is significantly higher than the Rs.76,000 Cr allocated under the first phase of the India Semiconductor Mission.

The move comes as India looks to reduce its dependence on imported chips and position itself as a trusted global semiconductor manufacturing hub amid rising geopolitical tensions and an increasingly fragmented global technology supply chai...