Sunday, January 26, 2014: In a bid to attract investment in electronics industry, India has invited Japanese industry to invest in the country and benefit from the support being offered by the Government.
Anand Sharma, commerce and industry minister, spoke to a team of top Japanese industrialists headed by Keidanren (Japanese Business Federation) Chairman Hiromasa Yonekura. Sharma said, “Government of India has decided to offer a package of incentives to attract domestic and global investments into Electronic System Design & Manufacturing (ESDM) sector within Electronic Manufacturing Clusters (EMC) Schemes. In addition, the Government has recently approved the proposal for setting up of two Semiconductor Wafer Fabrications (FAB) manufacturing facilities in the country.”
He has invited the Japanese companies to invest in India and avail the subsidies, and other support, that the Indian government offers, for establishing FAB facilities in India.
The Indian Minister conveyed that Information Technology Agreement (ITA) (now also known as ITA-1), a plurilateral agreement of WTO has not benefitted India as far as manufacturing in the domestic hardware industry is concerned. it has led to sharp decline in investments in manufacturing of components, raw materials, parts and even electronic sub-assemblies, loss of investment in high value added manufacturing, decline in the share of domestically manufactured electronic components. In light of this many measures have been taken by the government to build a sound manufacturing environment in the field of electronics and information technology and Japanese companies can benefit from them.
He also stressed strengthening of cooperation in creative industries, which ranges from design, apparel, fashion, food, house-hold goods, music, movies, animation and traditional craft would further promote and deepen mutual understanding of the two countries. He also told Yonekura about the progress in DMIC where Japan is the main partner. Shri Sharma said that Japan is India’s biggest development partner and India is the biggest recipeient of Japans Overseas Development aid. DMIC CEO Amitabh Kant briefed the delegation. DG CII Chandrajit Banerjee asked for Japan’s cooperation in developing Manufacturing cuture. He also called for a collaborative framework to realise the full potential of India Japan CEPA.
