Ministry of Communications and IT has drafted a Cabinet note for approval of amendments in Modified Special Incentive Package Scheme (MSIPS) to extend its applicability expiring in July 2015 to 2020
Benefits of a key scheme meant to boost electronics manufacturing in the country are likely to be extended for 5 more years and include almost the entire gamut of the segment for grant of incentives to meet the government target of the net zero import by 2020, as mentioned in PTI report.
Ministry of Communications and IT has drafted a Cabinet note for approval of amendments in Modified Special Incentive Package Scheme (MSIPS) to extend its applicability expiring in July 2015 to 2020, initially.
The report also stated that only those firms will get the benefits which apply for investment under the scheme by July 2015.
"The MSIPS policy at present has many limitations. Cabinet note has been prepared keeping government's target of the net zero import of electronics by 2020," an official source told PTI.
The MSIPS scheme, first approved in 2012, provided for reimbursement of central taxes and duties for select, very high technology and capital intensive products like electronics chip manufacturing.
For other electronic manufacturing projects, the scheme provides subsidy of 20 per cent on capital investment made in special economic zone and 25 per cent in Non-SEZ areas.
The proposal now is to include LED, solar cells, smart cards, nano-electronic components and many more for reimbursement of central taxes, the source said.
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