Scheme envisages investment of Rs.59,350cr
The Cabinet has approved the Electronics Component Manufacturing Scheme with a funding of Rs.22,919 crore to develop a robust component ecosystem by attracting large investments (global/domestic) in electronics component manufacturing ecosystem, increasing Domestic Value Addition (DVA) by developing capacity and capabilities, and integrating Indian companies with Global Value Chains (GVCs) https://electronicsindia.co.in/.
The scheme envisages to attract investment of Rs.59,350 crore, result in production of Rs.456,500 crore and generate additional direct employment of 91,600 persons and many indirect jobs as well during its tenure.
The scheme provides differentiated incentives to Indian manufacturers tailored to overcome specific disabilities for various categories of components and sub-assemblies so that they can acquire technological capabilities and achieve economies of scale, the Cabinet said on 28 Mar.
Electronics is one of the highest-traded and fastest-growing industries globally and is expected to play a pivotal role in shaping the global economy and advancing a country’s economic and technological development https://www.makeinindia.com/home/.
Since electronics permeates all sectors of economy it has economic and strategic importance. With various initiatives of Government, the electronics manufacturing sector has witnessed remarkable growth in the last decade https://www.commerce.gov.in/.
The domestic production of electronic goods has increased from Rs.1.90 lakh crore in FY 2014-15 to Rs.9.52 lakh crore in FY 2023-24 at a CAGR of more than 17% https://www.investindia.gov.in/.
The exports of electronic goods have also increased from Rs.0.38 lakh crore in FY 2014-15 to Rs.2.41 lakh crore in FY 2023-24 at a CAGR of more than 20%. Fiinews.com