Rs 65,000 crore investment proposals for semiconductor and electronics manufacturing business
The department of electronics and information technology (DeitY) has received proposals for investments worth a total of about Rs 65,000 crore in the area of semiconductor and electronics manufacturing.
Of these, proposals for investments of about Rs 13,800 crore are under an incentive scheme, and the remaining accounts for investments in two silicon wafer foundries India is looking to build.
At the IESA Vision Summit 2014, the annual industry conclave of Indian Electronics and Semiconductor Association, J Satyanarayana, secretary of DeitY, said, “We have identified 2014 as ‘Made in India’ year. We are creating the infrastructure for the sector.”
Over the past year, the government has announced a number of incentives for encouraging electronic manufacturing in the country known as Modified Special Incentive Package Scheme (M-SIPS), under which companies in certain electronic clusters will get about 25 per cent of costs as subsidies.
So far, the department has received over Rs 13,800 crore of investments proposals and cleared proposals worth Rs 4,000 crore.
Many companies like Samsung and Bosch have received the approval for setting up their units in Noida.
Apart from this, government has set a corpus sum of Rs 30,000 crore for setting up electronic manufacturing clusters.
Business EditorRs 65,000 crore investment proposals for semiconductor and electronics manufacturing business
by Business Editor ( Author at Spirit India )
Posted on February 5th, 2014 at 8:38 am.
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