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Cabinet gives nod to electronic mfg incentive scheme
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SME Times News Bureau | 18 Jan, 2017
The Cabinet on Wednesday gave its approval for amendments in the
Modified Special Incentive Package Scheme (M-SIPS) to further
incentivise investments in electronic sector and moving towards the goal
of 'Net Zero Imports' in electronics by 2020.
"Besides
expediting investments into the electronics system design and
manufacturing (ESDM) sector in India, the amendments in M-SIPS are
expected to create employment opportunities and reduce dependence on
imports," an official statement said.
The Cabinet meeting was chaired by Prime Minister Narendra Modi.
The
projects already received under the scheme have the potential to
generate employment for up to one million persons (direct and indirect),
the statement said.
The policy covers all states and districts
and provides them an opportunity to attract investments in electronics
manufacturing.
So far, 243 applications have been received under
the scheme, out of which 75 applications have been approved involving
investment proposals of Rs 17,997 crore.
The amended scheme said
the applications will be received under the scheme up to December 31,
2018 or till such time that an incentive commitment of Rs 10,000 crore
is reached, whichever is earlier.
"In case the incentive
commitment of Rs 10,000 crore is reached, a review will be held to
decide further financial commitment," the statement said.
For new
approvals, the incentive under the scheme will be available from the
date of approval of a project and not from the date of receipt of
application.
"A separate committee headed by cabinet secretary
and comprising of CEO, NITI Aayog, secretary expenditure and secretary,
MeitY (Ministry of Electronics and Information Technology) will be set
up in respect of mega projects, envisaging more than Rs 6,850 crore
(approx. $1 billion) investments," the statement added.
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