Insta
Shot In The Arm For Indian Electronic Manufacturing Ecosystem: Draft Policy Aims At $400 Billion Turnover By 2025
Swarajya Staff
Oct 11, 2018, 11:25 AM | Updated 11:25 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
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.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.