Electronics scheme draws Rs 1.15L cr in proposals, beats target

Indian Minister of Electronics and IT, Ashwini Vaishnaw, mentioned that the scheme for the manufacturing of electronic components has been embraced enthusiastically and the government has received proposals of investments that total Rs 1.15 lakh crore.

This is more than twice the initial target and is a clear indication of the confidence investors show in the electronic ecosystem of India.

The truth of the matter is that this is happening," said the Secretary of the Ministry of Electronics & IT, S. Krishnan, corroborating the data and pointing to their meaning as signposts of the march forward in the sector of electronics manufacturing.

Vaishnaw credited this increase in enthusiasm to the fact that after ten years of hard work it has become quite clear how well India can manufacture and that in the long run it is going to be a very good place for some companies to locate their factories, "The worldwide trust that had been developed throughout the years for India’s electronics manufacturing is now moving in the direction of investments, production and employment."

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Vaishnaw further added that the classification of the applications, highlighting the sector-wise and component-wise interest will also be available very soon.

With a budget of Rs 22,919 crore for incentive payments over six years, the scheme in question, which was publicized in March, is poised to win over India's domestic production of parts that are earmarked as critical, such as printed circuit boards, lithium-ion cells for batteries, and disassembly of display and camera.

Along with this, the government has taken a bold step by setting the target of increasing the country's electronic exports to twice the current level of Rs 2.5 lakh crore over the next 3 to 4 years.