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Government clears investment proposal of Rs 6,000 crore in electronics manufacturing

Tags: electronics, department official of electronics and information technology, modified special incentive package

December 29, 2014 | COMMENTS ( 0 )

Government clears investment proposal of Rs 6,000 crore in electronics manufacturing

Government has cleared investment proposal of Rs 6,000 crore in the last six months under the aegis of scheme of electronic manufacturing, as cited by PTI.

"In last six months, we received firm proposals of about Rs 18,000 crore and most of them were with financial closures. Till date, proposals of about Rs 6,000 crore have been approved," a Department official of Electronics and Information Technology told the news agency.

“Last year, only companies who were present in India came up with proposals to expand their facilities, but in the past six months, proposals came from both existing and new firms,” the official said.

Nidec, Continental, Motherson Sumi, Calsonic Kansei, Tissol, Tata SED, Tejas, Panasonic, etc are some of the companies came forward with their investment plan.

"About 25-30 new companies across various segments have come up with investment proposals. Now people across geographies are sure about the electronics manufacturing push of Indian government. Reimbursement of MSIPS benefit has further boosted confidence," noted the official.

The report stated that under Modified Special Incentive Package (MSIPS), government provides subsidy for investments in capital expenditure with a limit of 20 per cent for investments in Special Economic Zone (SEZ) and 25 per cent in non-SEZs.

“Investment has come from most of the electronics segments like electronic components, telecom network equipments, LED, consumer electronics, automotive and strategic electronics,” added the official.

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