India is a huge resource of not only the technology but also of extremely talented human resources and also funds. India is already succeded to achieve huge growth in mobile handsets productions. Now, the government is trying to boost other electronics products and components manufacturing too. And also bring other global investors here.
Aiming these plans, the Minister of Electronics and IT Shri Ravi Shankar Prasad introduced three schemes. All three together will cost ₹50,000 crores or approximately $7 billion. The three schemes are Production Linked Incentive Scheme (PLI), Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), and Modified Electronics Manufacturing Clusters (EMC 2.0).
In the official press release, the government said, “The three new Schemes are expected to attract substantial investments, increase production of mobile phones and their parts/components to around Rs.10,00,000 crore by 2025 and generate around 5 lakh direct and 15 lakh indirect jobs.”
Among the three schemes, the first one i.e. PLI scheme is for the Large Scale Electronics Manufacturers. This will increase “an incentive of 4% to 6% on an incremental scale (over the base year) of goods manufactured in India”. The scheme will cover the eligible companies for the next five years subsequent to the base year.
The second SPECS Scheme will provide 25% financial incentive on capital expenditure for some specific electronic goods manufacturing. The list includes semiconductor/display fabrication units, electronic components, ATMP units, and more.
EMC 2.0 is to attract foreign investors. This scheme will provide a world-class infrastructure. There will also the common facilities and amenities like Ready Build Factory sheds, Plug and Play facilities, and so on.
We hope for a better future of our nation and continuous positive growth with respect to the world.
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