Cabinet approves schemes to boost electronics mfg with Rs 48,000 crore incentives

The Union Cabinet has cleared three schemes involving a total incentive of around Rs 48,000 crore to boost electronics manufacturing in the country, Telecom and IT Minister Ravi Shankar Prasad said on Saturday.

The government is expecting to generate manufacturing revenue potential of Rs 10 lakh crore and create direct and indirect jobs for 20 lakh people by 2025 through these schemes, he said.

Besides this, the Cabinet in its meeting held on Friday also approved incentives for medical devices to reduce dependency on import of electronic products for medical care in the country.

“Two long-term policy decisions have been taken to make India a big hub of manufacturing. First in case of electronics, second in case of pharma and also medical devices. Cabinet has approved production linked-incentive for electronics companies. We will give Rs 40,995 crore in the coming five years for production linked-incentive,” Prasad said.