Indian Government Gives Green Signal to Electronic Manufacturing Proposals Worth Rs. 6,000 Crore
Modern India has understood the importance of technology and the Indian government is eyeing on making India an electronic hub. The administration has quickly started working in the direction and says that it has given a green signal to investment proposals worth Rs. 6,000 crore in the short period of six months.
In a statement by Department of Electronics and Information Technology, “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.” The fact should also be underlined that besides already established companies, new firms also took active part in expanding this list.
An official from the department confirmed, “About 25-30 new companies across various segments have come with investment proposals. Now people across geographies are very sure about the electronics manufacturing push by the Indian government. Reimbursement of MSIPS benefit has further boosted confidence.” He further elaborated saying that most of the investment have come from various segments of electronic like telecom equipments, electronic parts, LED, consumer electronics, automotive and a few more. The list includes firms like Nidec, Continental, Motherson Sumi, Calsonic Kansei, Tissol, Tata SED, and many more renowned names.
MSIPS, the Modified Special Incentive Package, is an initiative by the government to promote large-scale manufacturing. Under this scheme, government provides subsidy to the companies for investments in capital expenditure. The firms get a maximum of 20 percent subsidiary for investment in Special Economic Zone (SEZ) and 25 percent in non-SEZs.