Electronics gets Rs 50,000 crore lift

The Centre on Tuesday announced a Rs 50,000 crore incentive scheme to promote the manufacturing of electronic products in India as the Narendra Modi-government looks to attract companies from China.

The incentives will be dished out through three schemes — the biggest is a Rs 40,000-crore scheme, under which companies will get incentives if it produces a certain amount of units.

The government aims to invite five “global champions” to make products in India taking advantage of this production-linked incentive (PLI) scheme. The Centre also aims to create five national champions through the scheme.

The second scheme is a Rs 3,500 crore one to promote the manufacture of electronic components. The third scheme will promote the creation of ancillaries for electronics manufacturing.