MAIT calls for SPV to boost hardware sector

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In an effort to revive the country’s struggling electronics/hardware manufacturing sector, Manufacturers’ Association of Information Technology (MAIT) has called for a special purpose vehicle (SPV) to attract Rs 10 billion worth of investments in manufacturing over the next two years. Further, it has also stressed the need to set up select focus clusters where synergised manufacturing can evolve besides creating an ‘electronics development fund’ to catalyse and speed up electronics manufacture in India. MAIT has also urged the centre to simplify operations, tax structures and processes to create a globally competitive ICT ecosystem, which will enable India in creating a huge employment base covering 21 million people (7 million direct and 14 million indirect). With the electronics hardware market estimated to be worth US$ 400 billion in 2020, appropriate incentives for IT manufacturers of finished products and components within India, akin to those provided to the semiconductor industry, are necessary to attract investments.

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