Business
Govt Plans Rs 12,000 Crore Incentive Scheme To Boost Local Production Of High-End Components For Mobiles, PCs: Report
Smartphones being assembled in Noida (Udit Kulshrestha/Bloomberg via Getty Images)
The government is reportedly working on a new incentive scheme to promote domestic manufacturing of high-end components, including those used in smartphones, servers and personal computers.
The scheme is likely to have a financial outlay of Rs 10,000-12,000 crore.
The Ministry of Electronics and Information Technology is working on the scheme, which is intended to develop a complete ecosystem for electronics manufacturing in India, reports Economic Times.
The move is likely to further help in attracting global companies like Apple to increase local production in India.
“The scheme may offer incentives on production of components as well as capital support for setting up production facilities," an official aware of the matter was quoted in the ET report as saying.
The final details of the scheme are yet to be finalised, but it is expected to be announced by the beginning of the next financial year in April, the official added.
The scheme comes as the existing Scheme for Promotion of Electronics Components and Semiconductors (SPECS), which has a budgetary outlay of Rs 3,285 crore, is set to end in March 2023.
The SPECS was launched alongside the Rs 41,000 crore production-linked incentive (PLI) scheme for smartphones in April 2020, for a period of three years.
The SPECS program has so far attracted investments of around Rs 12,000 crore and has been aimed at promoting the manufacturing of high-value-added items such as electronic components and subassemblies.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
