The Union cabinet has sanctioned a budget of $2.7 billion (Rs 22,919 crore) to promote the local production of electronic components in India.
This initiative aims to encourage both domestic and international companies to set up manufacturing facilities for components within the country, offering subsidies of up to 50% of the total project expenses.
Union Minister for Information Technology Ashwini Vaishnaw announced at a briefing following the cabinet’s approval that the six-year incentive program aims to draw in $7 billion (Rs 59,350 crore) in investments, with the goal of producing goods valued at $53.5 billion (Rs 4.6 trillion).
He also mentioned that the initiative will set employment targets for each type of incentive, resulting in the creation of 91,600 jobs over the six-year period.
