In a move aimed at promoting domestic manufacturing of high-end components, the Ministry of Electronics and Information Technology (MeitY) is soon set to roll out an incentive scheme of around Rs 10,000 to Rs 12,000 crore.
According to an ET report, the main objective of rolling out such a scheme is to create a complete ecosystem in manufacturing electronics in India, and would help global brands like Apple to enhance production at a local level.
“The scheme may offer incentives on production of components as well as capital support for setting up production facilities. The final contours of the scheme are still to be finalised, but we are aiming to come out (with the policy) by next financial year (starting April 1),” an official told the publication.
In order for big global brands to expand their manufacturing in the country, the Centre is said to get on Joint Venture (JV) partnerships with Chinese firms. The scheme would also enable companies situated in Taiwan, South Korea and Japan to set up local units here.
This new scheme gets even more significance as an already existing scheme—SPECS—is set to end by next March. SPECS, aimed at manufacturing high-end items such as electronics, was launched alongside the Rs 41,000 crore production-linked incentive (PLI) scheme for smartphones in April 2020, for three years.
Published 27 December 2022, 11:18 IST