Reportedly, the government had notified the Modified Special Incentive Package Scheme (M-SIPS), which will be applicable to electronics products across 29 categories.
A senior official at the Department of Electronics and Information Technology shared that at least 10 electronics manufacturing clusters are likely to materialise in the country within the year.
At the ninth Vision Summit of the India Electronics and Semiconductor Association (IESA), Dr Ajay Kumar, Joint Secretary of the department, reportedly told media that elements of the National Policy on Electronics, which was approved by the Union Cabinet last October, would enable India to become a hub for the global Electronic System Design and Manufacturing (ESDM) industry, reports The Hindu.
Dr Kumar said the government had notified the Modified Special Incentive Package Scheme (M-SIPS), which is applicable to 29 categories of electronic products, the report further stated. The scheme provides for a 25 per cent subsidy on capital investments in new ventures and a 50 per cent grant for common facilities for units located in an area. “By the end of the year, we expect to approve M-SIPS incentives for investment proposals worth Rs. 25,000 crore,” he said.
The states who proposed to establish the electronic manufacturing clusters include Andhra Pradesh (Hyderabad and Visakhapatnam), Haryana (Rohtak) and Rajasthan (Bhiwadi), while the proposals for IT Investment Regions were processed at Bengaluru, Hyderabad and Bhubaneswar.
