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Shot In The Arm For Indian Electronic Manufacturing Ecosystem: Draft Policy Aims At $400 Billion Turnover By 2025
The policy aims to encourage printed circuit board (Wikimedia Commons)
The Ministry of Electronics and Information Technology (MeitY) has issued a draft notification of ‘National Policy on Electronics 2018’ (NPE 2018) for the Electronics System Design and Manufacturing (ESDM) Sector of India, The HinduBussinessLine has reported.
MeitY said that it will coordinate with other concerned departments to provide incentives to the industry for rapid execution of electronics hardware manufacturing within the country.
“This shall include leveraging the existing and upcoming industrial clusters/manufacturing zones/corridors in the country, with provision for ready-built factories, for attracting investments in complete value chain of identified verticals,” the draft policy said.
The new policy will replace schemes like Modified Special Incentive Package Scheme (M-SIPS), with easier plans for implementation. Interest subsidy and credit default guarantee are part of the plan in order to encourage new units and in the expansion of existing units in the electronics manufacturing sector.
The policy also includes a cess on select electronic goods resources to promote certain critical sub-sectors of electronic manufacturing such as semiconductor wafer fabrication and display fabrication units.
The draft electronics policy aims at a $400 billion manufacturing ecosystem turnover by 2025.
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