Budget 2026-27 announces the launch of India Semiconductor Mission (ISM) 2.0

• ISM 2.0 is the second phase of India's flagship semiconductor programme, launched in the Union Budget 2026-27 to deepen India's chip ecosystem beyond fabrication into equipment, materials, full-stack IP design, and supply-chain security.
• Marks a strategic pivot from attracting fabs (ISM 1.0, 2021) to building indigenous capability across the upstream and downstream of the semiconductor value chain.
• Relevant for UPSC across GS-III (Economy, S&T, Make in India) and GS-II (government policies).