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Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 in the Parliament on July 23. Ahead of the announcement, the semiconductor industry shared its expectations for the upcoming budget. Hitesh Garg, Vice President and India Country Manager at NXP Semiconductors expressed his thoughts on Budget 2024. Here’s what he has to say Budget expectations of NXP Semiconductors NXP Semiconductors VP Hitesh Garg said: “India is committed to strengthening its ESDM ecosystem, as reflected in the government's significant budget allocations and incentives. With India emerging as a major market for electronics, automotive, and electric vehicles, and a key hub for technical expertise, we feel the 2024 Union Budget to prioritise investments in digital infrastructure and offer incentives for research and skill development. These measures are important for building an ecosystem conducive to cutting-edge technologies such as SDV, AI, and IoT, strengthening cybersecurity measures, and enhancing IT exports.

At NXP Semiconductors, we are optimistic about the government's proactive stance and look forward to collaborating closely to accelerate India's emergence as a key player in the global electronics and semiconductor landscape.” PM Modi’s plan on the semiconductor industry In March, PM Modi unveiled ambitious plans to transform India into a global semiconductor powerhouse. Laying the foundation stone for three semiconductor projects worth Rs 1.25 lakh crore, Modi expressed confidence in India's potential to rival its stature as a nuclear, digital, and space leader. The cornerstone projects include a Rs 91,000 crore chip fabrication unit by Tata Electronics and Taiwan's Powerchip Semiconductor in Gujarat, along with two other significant OSAT facilities in Gujarat and Assam. "India dreamed of semiconductor manufacturing in the 1960s. Yet, the then governments did not capitalise on the opportunities available then. The previous regime didn't find it urgent enough to act in this direction... Hiding behind India's poverty they overlooked opportunities for every modern technological investment that could have come to India. They only engineered scams worth thousands of crores but couldn't invest thousands of crores in India," Modi said.

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