The Union Budget for 2023-24 has allocated Rs 16,549 crore for various projects and initiatives under the Ministry of Electronics and Information Technology (MeitY), which marks an improvement of 40 percent from the budget for FY23.

Of this, Rs 3,000 crore has been allocated for the Indian Semiconductor Mission towards the development of the semiconductor and display manufacturing ecosystem in India. An additional fund of Rs 1,000 crore has been committed towards the modified scheme for setting up of semiconductor fab in India, while Rs four lakh has been allocated for the scheme to set up display fabrication units in India.

A budgetary allocation of Rs 4,499 crore has been earmarked to spearhead the production-linked incentive (PLI) scheme for large-scale electronics manufacturing. In the IT hardware manufacturing Rs 146 crore has been allocated to facilitate the PLI scheme which provides incentives between two percent and four percent on incremental sales for goods such as laptops, servers and all-in-one computers manufactured in India.

Overall, a total of Rs 2,057 crore has been allocated to various autonomous bodies operating under the MeitY.