MosChip Technologies Limited, a prominent Indian company headquartered in Hyderabad, specializing in Semiconductor, Software, and System design solutions, and employing over 1300 engineers across Silicon Valley-USA, Hyderabad, Bengaluru, Ahmedabad, and Pune, is announced the approval of its application by the Ministry of Electronics and Information Technology, Government of India (MeitY) under the Government of India’s Semiconductor Design Linked Incentive (DLI) scheme. This approval is for the development of a smart energy meter IC catering to both the Indian and Overseas markets.
The Ministry of Electronics and Information Technology introduced the Design Linked Incentive (DLI) Scheme to address challenges faced by the domestic semiconductor design industry.
The scheme aims not only to enhance the industry’s position in the value chain but also to fortify the semiconductor chip design ecosystem within the country. The implementation of the DLI Scheme is overseen by CDAC (Centre for Development of Advanced Computing) acting as the Nodal Agency.
Under the Design Linked Incentive (DLI) Scheme, financial incentives and design infrastructure support are provided at various stages of semiconductor design development and deployment, encompassing Integrated Circuits (ICs), Chipsets, System on Chips (SoCs), Systems & IP Cores, and semiconductor-linked designs over a 5-year period.
MosChip’s application for the development of a smart energy meter IC underwent evaluation by CDAC on behalf of MeitY, resulting in approval for reimbursement upon completion of development milestones.
It is anticipated that the smart energy meter IC market will witness a Compound Annual Growth Rate (CAGR) of 7%, reaching approximately 60 million units in India and around 2 billion units in the Overseas Global Market by 2028.
Mr. Srinivasa Rao Kakumanu, CEO & Managing Director of MosChip Technologies Ltd, expressed gratitude for the approval of their application under India’s Semiconductor Design Linked Incentive scheme. He praised the initiative, stating it empowers Indian companies to develop cutting-edge semiconductor products for both domestic and international markets, aligning with the vision of Atmanirbhar Bharat.