India Boosts Electronics Sector with Rs 22,919 Crore Manufacturing Scheme

The Indian government has approved a Rs 22,919 crore scheme to enhance self-reliance in electronics manufacturing. The initiative aims to attract large investments, create jobs, and improve the electronics component supply chain. The scheme supports passive component production and offers various incentives to manufacturers.

The Union Cabinet has given a nod to a transformative Rs 22,919 crore scheme aimed at revolutionizing electronics component manufacturing in India. This ambitious plan is set to bolster self-reliance, attract massive investments, and significantly boost job creation in the sector.

Under this scheme, India seeks to establish a formidable supply chain by inviting global and domestic investments into the electronics component manufacturing ecosystem. This initiative is pivotal in enhancing domestic value addition by enhancing local capacities and integrating Indian manufacturers into Global Value Chains (GVCs).

Electronics and IT Minister Ashwini Vaishnaw revealed that the scheme will create 91,600 jobs and draw approximately Rs 59,350 crore in investments. It will cater to sectors such as telecom, consumer electronics, and medical devices while fostering a production potential of Rs 4.56 lakh crore over its six-year implementation span.

(With inputs from agencies.)