Incremental investment of Rs 8,803 crore made under Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors

New Delhi [India], July 26 (ANI): An incremental investment of Rs 8,803.14 crore was made under the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors, leading to production worth Rs 18,083.55 crore, Minister of State for Electronics & Information Technology, Jitin Prasada, informed Rajya Sabha in a written reply on Friday.
The Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) was notified on April 1, 2020, and was open to receive applications until March 31, 2024.
The scheme provides a financial incentive of 25 percent on capital expenditure for electronic components, e-waste recycling, mechanics, micro/nano-electronic components, solar photovoltaic (SPV) polysilicon, SPV wafers and solar cells, specialised sub-assemblies, and capital goods for the manufacture of the aforesaid goods.
As of June 2024, an incremental investment of Rs 8,803.14 crore had been made under the scheme.
The minister, in his written reply, said it has led to production worth Rs 18,083.55 crore until June 2024.
To boost domestic manufacturing and attract investment in the mobile phone value chain, including electronic components and semiconductor packaging, the Production Linked Incentive Scheme (PLI) for Large Scale Electronics Manufacturing was notified in April 2020.
The scheme extends an incentive of 3-6 percent on incremental sales of goods manufactured in India and covered under target segments--mobile phones and Specified Electronic Components, to eligible companies for a period of 5 years.
Till June 2024, an incremental investment of Rs 8,390 crore had been made under the PLI scheme. This has led to production worth Rs 5,14,960 crore till June 2024.
As part of its Atmanirbhar and Make in India plans, the government launched production incentive (PLI) schemes in varied sectors, including electronics, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain, and reduce dependency on imports. (ANI)