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New scheme launched to push electronic manufacturing
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SME Times News Bureau | 02 Jun, 2020
Union Minister for Electronics and IT Ravi Shankar Prasad on Tuesday
launched three major schemes to boost manufacture of electronics in the
country.
These schemes are expected to attract substantial
investments, increase production of mobile phones and their parts or
components to around Rs 10 lakh crore by 2025, and generate around 5
lakh direct and 15 lakh indirect jobs, said the statement.
The
Minister launched the Production Linked Incentive Scheme (PLI) for
large-scale electronics manufacturing, Scheme for Promotion of
Manufacturing of Electronic Components and Semiconductors (SPECS), and
Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme, which were
approved by the Union Cabinet in March.
The PLI Scheme will
extend an incentive of 4-6 per cent on incremental sales of goods
manufactured in India and covered under the target segments to the
eligible companies for five years subsequent to the base year, said an
official statement.
On the other hand, the SPECS will provide
financial incentive of 25 per cent on capital expenditure for the
identified list of electronic goods, including electronic components,
semiconductor, and display fabrication units, among others.
The
EMC 2.0 will provide support for the creation of world-class
infrastructure along with common facilities and amenities, including
Ready Built Factory (RBF) sheds or Plug and Play facilities for
attracting major global electronics manufacturers, along with their
supply chains.
The government aims to increase the domestic value addition for mobile phones by 35-40 per cent by 2025, Prasad said.
The three schemes would entail an outlay of about Rs 50,000 crore.
According
to the government the schemes will help offset the disability for
domestic electronics manufacturing and hence strengthen the electronics
manufacturing ecosystem in the country.
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