India approves investment proposals worth Rs.17,300 cr in electronic sector

The Prime Minister Narendra Modi’s Make in India scheme is providing several opportunities to the Indian electronic industries. The Indian government has approved 74 investment proposals worth Rs.17,300 crore out of 195 proposals in the electronic manufacturing sector.

According to the department of electronics and IT (DeitY) 27 investment proposals were dropped due to lack of communication between the department and the private firms and 94 proposals are at different stages of approval.

Keeping in mind these investment proposals, the Central government wants to fuel domestic manufacturing of electronic products. And many companies are still discussing companies that are keen to generate production units in India.

Recently, the Communications and IT Minister Ravi Shankar Prasad said, “the ecosystem for electronic manufacturing is being created and if further more is needed, the government is open to new policy guidelines.”

Additionally, the government is taking initiatives to provide incentives to private companies to support skill development, capital expenditure, and intellectual proprietary rights (IPR) and exports.

Many Chinese companies are likely to invest worth $2-3 billion in the Indian mobile manufacturing sector over the next two years.

The National Policy on Electronics (NPE) wants to invite $100 billion worth of investment and generate more jobs for around 28 million persons.

Meanwhile, the Centre is focusing on agricultural electronics and is funding many projects in this sector.

The government is also taking care of another area like defence electronics, which is expected to see an upward trend in the next two years.