New Delhi: The government has received fresh investment proposals of about ₹ 5,000 crore in the field of electronics manufacturing, taking the cumulative amount to about ₹ 80,000 crore till June.
This is as per latest data shared by the Department of Electronics and Information Technology (DEITY). The total number of investment proposals stood at 41 at the end of June. “The rate of receipt of MSIPS (modified special incentive package scheme) applications has increased in the last two months. With the budget announced, this trend is expected to further strengthen. The mood is positive and there is optimism in the air. Potential investors are encouraged to make their move now," DEITY joint secretary Ajay Kumar said in a monthly communique.
The cumulative investment proposals include ₹ 64,500 crore for electronics chips manufacturing, ₹ 9,339 crore for telecom products, ₹ 2,330 crore for strategic electronics, ₹ 1,993 for LED (light emitting diode), ₹ 883 crore for automative electronics, ₹ 367 crore for consumer electronics, ₹ 330 crore for industrial electronics, ₹ 104 crore for electronics contract manufacturing.
Proposals worth ₹ 98 crore have come for avionics electronics and ₹ 53 crore for medical electronics.
In June, the government approved an incubation centre that will be set up in Delhi to support start-ups working in the field of electronics design and manufacturing. The incubation centre will be set up by the Software Technology Parks of India (STPI) in collaboration with industry body, the India Electronics and Semiconductor Association (IESA).
“The total project cost approved for assistance is ₹ 21.1 crore. STPI will set up an incubator facility of 10, 000 sq ft as part of this project. At least 50 start-ups will be supported over a period of five years," the communique said. Besides, DEITY has also set up a working group with the industry to push local manufacturing of smart cards, radio frequency-based ID and biometric products in the country.