India Boosts Electronics Industry with Major Funding

The Indian government has launched a non-semiconductor electronics component scheme with a budget of Rs 22,919 crore, aimed at drawing investments of Rs 59,350 crore over six years. Announced by Union Electronics and IT Minister Ashwini Vaishnaw, the initiative targets passive components for manufacturing expansion.

The Indian government has taken a significant step to enhance its electronics sector by unveiling a robust funding initiative. On Friday, the Union Cabinet approved a non-semiconductor electronics component scheme with a financial layout of Rs 22,919 crore.

Union Electronics and IT Minister Ashwini Vaishnaw revealed that this ambitious plan is expected to attract investments totaling around Rs 59,350 crore. The scheme specifically aims to bolster the production of passive components within the electronics industry.

This initiative, which spans over six years, reflects the government's commitment to fortifying the country's manufacturing capabilities and positioning India as a key player in the global electronics market.

(With inputs from agencies.)