NEW DELHI, May 5 : Prime Minister Narendra Modi on Tuesday hailed the approval of two semiconductor manufacturing units by the Union Cabinet and said India’s advances in the world of semiconductors will boost economic transformation, technological self-reliance and encourage the innovation ecosystem.
Modi also complimented raising the Fair and Remunerative Price (FRP) for sugarcane.
“Cabinet’s approval of new projects under the India Semiconductor Mission is a part of our efforts towards making India a leader in the global semiconductor value chain, focussing on manufacturing, packaging and advanced materials,” he said in a post on ‘X’.
The prime minister said India’s advances in the world of semiconductors will boost economic transformation, technological self-reliance and encourage the innovation ecosystem.
He also said the NDA government is committed to making the country self-reliant in cotton production.
“In this direction, an important step has been taken by approving the Cotton Productivity Mission. This will not only ensure easy availability of cotton to industries but will also boost the export of high-quality Indian cotton,” he said.
Modi said his government is fully committed to the welfare of the country’s farmers and food providers.
“In line with this, approval has today been granted to set the fair and beneficial price of sugarcane at Rs 365 per quintal for the 2026-27 season. This will benefit millions of sugarcane farmers, while also providing advantages to sugar mills and lakhs of workers associated with this sector,” he said.
The prime minister also said the cabinet approval for a world-class Ship Repair Facility at Vadinar, Gujarat marks an important step in strengthening India’s maritime capabilities.
“It will enhance our ability to service large vessels, generate employment, boost ancillary industries and improve the competitiveness of our ports,” he said.
He said this project will contribute to building a robust, future-ready maritime ecosystem and accelerate growth in the blue economy.
Modi also said the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 approved by the cabinet reflects the government’s commitment to supporting India’s businesses, especially the MSME sector in challenging global times.
“By enabling additional credit flow with strong guarantee coverage, this initiative will help a wide range of sectors. Our focus remains on empowering enterprises, sustaining growth momentum and safeguarding livelihoods,” he said. (PTI)
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