The Union Cabinet, led by Prime Minister Narendra Modi, has approved Kaynes Semicon Pvt Ltd's proposal to establish a semiconductor unit in Sanand, Gujarat, with an investment of Rs 3,300 crore, aimed at producing 60 lakh chips per day. These chips will serve various sectors including automotive, consumer electronics, and telecom. This initiative is part of India's broader semiconductor mission, which has an overall budget of Rs 76,000 crore, initiated in December 2021. Alongside this unit, three additional semiconductor projects have been approved, expected to create a robust semiconductor ecosystem and generate significant employment opportunities. The cumulative investment from these projects is projected at around Rs 1.5 lakh crore, with a total production capacity of 7 crore chips daily. Union Minister Ashwini Vaishnaw indicated that India aims to become a major semiconductor hub in the coming years, with an expected market value of $64 billion by 2026.