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Electronics Manufacturing Investment Proposals Worth 6,000 Crores Approved

Monday, 29 December 2014, 12:10 Hrs
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NEW DELHI:Government has approved a clutch of investment proposals worth about 6,000 crores in the past six months under electronics manufacturing schemes.



"In last six months, we received firm proposals of about 18,000 crores and most of them were with financial closures. Till date, proposals of about 6,000 crores have been approved," a Department of Electronics and Information Technology official told PTI.



Last year, only companies who were present in India came up with proposals to expand their facilities but in the past six months proposals came from both existing and new firms, the official said.



The companies who have come up with investment proposals include Nidec, Continental, Motherson Sumi, Calsonic Kansei, Tissol, Tata SED, Tejas, Panasonic and others.



"About 25-30 new companies across various segments have come with investment proposals. Now people across geographies are very sure about the electronics manufacturing push of Indian government. Reimbursement of MSIPS benefit has further boosted confidence," the official said.



Telecom Minister Ravi Shankar Prasad handed over first reimbursement cheque to Bosch Electronics on December 25.



Under Modified Special Incentive Package (MSIPS), government provides subsidy for investments in capital expenditure with a limit of 20 percent for investments in Special Economic Zone (SEZ) and 25 per cent in non-SEZs.



The official said that investment have come from most of the electronics segments like electronic components, telecom network equipments, LED, consumer electronics, automotive and strategic electronics.



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Source: PTI
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