New Delhi [India] May 14 (ANI): Prime Minister Narendra Modi said on Wednesday that India's strides in the world of semiconductors continue and the decision of the union cabinet on setting up a semiconductor unit in Uttar Pradesh will boost growth and innovation.

'India's strides in the world of semiconductors continue! Today's Cabinet decision regarding the establishment of a semiconductor unit in Uttar Pradesh will boost growth and innovation. It will create innumerable opportunities for the youth as well,' PM Modi said in a post on X.

The Union Cabinet on Wednesday approved the establishment of one more semiconductor unit under India Semiconductor Mission.

Already five semiconductor units are in advanced stages of construction. With this sixth unit, India is moving forward in its journey to develop the strategically vital semiconductor industry.

The unit approved today is a joint venture of HCL and Foxconn. HCL has a long history of developing and manufacturing hardware. Foxconn is a global major in electronics manufacturing. Together they will set up a plant near Jewar airport in Yamuna Expressway Industrial Development Authority or YEIDA.

This plant will manufacture display driver chips for mobile phones, laptops, automobiles, PCs, and myriad of other devices that have display.

The plant is designed for 20,000 wafers per month. The design output capacity is 36 million units per month.

'Semiconductor industry is now shaping up across the country. World class design facilities have come up in many states across the country. State governments are vigorously pursuing the design firms,' an official release said.

It said students and entrepreneurs in 270 academic institutions and 70 startups are working on world-class latest design technologies for developing new products. Twenty products developed by the students of these academic students have been taped out by SCL Mohali.

The new semiconductor unit approved will attract investment of Rs 3,700 crore.

As the country moves forward in semiconductor journey, the eco system partners have also established their facilities in India.

Applied Materials and Lam Research are two of the largest equipment manufacturers. Both have a presence in India now. (ANI)