Government has received investment proposals worth over Rs1 lakh crore for manufacturing in the electronics sector, Telecom Minister Ravi Shankar Prasad said on Thursday.
“We are promoting electronic cluster in a big way since last 14 months. We have received investment proposals of Rs1.07 lakh crore till now on which we are going to give lot of incentives under MSIPS,” Prasad said at the Diamond Jubilee celebrations of EEPC India.
The Modified Special Incentive Package Scheme provides subsidy for investments in capital expenditure which is 20 per cent for investments in special economic zones (SEZs) and 25 per cent in non-SEZs.
It also provides for reimbursement of countervailing duty or excise for capital equipment for the non-SEZ units. Besides, for setting up electronic chip manufacturing unit, Government is allowing 200 per cent deduction on expenditure on research. He said that electronics manufacturing space has huge potential to generate employment.
“Seven institutes of IT and electronics will be set up so that we can have good human resource to supplement need of human resource in electronic manufacturing,” Prasad said.
He said the Government's Make in India programme for the domestic market as also for exports is the essence of Digital India initiative, and appealed to stakeholders to make India hub for all kind of manufacturing.
“let India become a good centre of manufacturing from ships to consumer electronics to medical electronics to defence electronics,” Prasad said.