Make in India: Centre gets Rs 1.20 lakh crore worth investment proposals in electronics sector
NEW DELHI: The electronics manufacturing sector has attracted investment proposals worth Rs 1.2 lakh crore after the government launched its ‘Make in India’ programme last year, according to a top official.
The Narendra Modi-led NDA government is keen to make it easier to do business in the country and attract foreign capital in manufacturing as part of its ‘Make in India’ initiative.
“We have received investment offers for setting up electronics manufacturing facilities in the country amounting to Rs 120,000 crore till now,” Ajay Kumar, additional secretary in the ministry of communications and IT, told ET, adding that the figure is expected to jump in 2016.
The Centre aims to cut net imports of electronics to zero by 2020. To meet this goal, it is offering sops like reimbursement of countervailing duty (CVD) and modified special incentive package scheme (M-SIPS) up to 25% for setting up manufacturing facilities in the country.
These policy initiatives have seen several multinational companies and domestic firms make investments in local production capabilities.
The National Policy on Electronics (NPE) aims to end dependency on imports and expects the sector to attract $100 billion (Rs 6.5-lakh crore) worth of investment and generate employment for nearly 28 million individuals by 2020.
Additional secretary Kumar said the government is in talks with several large and midsized companies which were eager to establish their own production units in the country.
Samsung, Bosch, Phillips, LG and Flextronics are among the businesses that have shown interest to create manufacturing bases in India, he said.
The Department of IT and Electronics (DeitY), in order to facilitate ease of doing business, is also undertaking speedy clearances for disbursement of subsidies under the scheme and has launched an e-MSIPS application system for submission and quick scrutiny. Domestic mobile device vendors such as Karbonn, Micromax, Videocon, Lava, Spice and Celkon, as well as Chinese firms Xiaomi, Vivo and Lenovo and Canada-based DataWind have already started assembling handsets in India.
In a recent study, Gurgaon-based research firm CyberMedia Research had said that of the 56.6 million handsets shipped in the second quarter of 2015, 24.8% were either manufactured or assembled in India as compared with 19.9% in the previous quarter.
Read full article: Economic Times
New Delhi: The income-tax department officials today conducted a raid on the Chennai and Gurgaon premises of Finnish cellphone major Nokia Read more
A total of 143 MLAs (59%) in the new Bihar assembly face criminal charges, and 96 MLAs face serious criminal Read more
NEW DELHI: Korean handset major Samsung has emerged as the biggest 4G player in India with its popular sub $150 Read more
The domestic consumer electronics and durables sector has been growing substantially since a few years already. With the government boost Read more
