India, June 30 -- The Finance Ministry's Expenditure Finance Committee (EFC) has approved an outlay of Rs 1.25 lakh crore for the India Semiconductor Mission (ISM) 2.0, giving a push to the country's ambitious semiconductor manufacturing initiative, media reports said.

The proposal was cleared by the EFC last week and will now be placed before the Union Cabinet for final approval, sources told NDTV Profit.

The proposed outlay marks a significant increase from the Rs 76,000 crore allocated under ISM 1.0, under which the government approved 10 semiconductor facilities across chip fabrication, assembly and design, the news channel reported.

India Semiconductor Mission 2.0 was announced during the Union Budget presentation this year.

ISM ...