New Delhi, July 4 (IANS) The government will set up dedicated zones to boost manufacturing of electronics products in the country.
The union cabinet Wednesday approved a proposal to offer financial support to the development of electronics manufacturing clusters.
The clusters will aid the growth of electronics manufacturing and help development of entrepreneurial ecosystem, drive innovation and catalyze the economic growth of the region by increasing employment opportunities and tax revenues.
The assistance would be provided to a Special Purpose Vehicle (SPV) which should be a legal entity duly registered for this purpose, according to an official statement released after the cabinet meeting here.
The SPV may be promoted by private companies, industry associations, financial institutions, research and development institutions, State or local governments or their agencies and units within the clusters.
The proposed scheme is expected to help flow of investment for the development of world-class infrastructure specifically targeted towards attracting investment in the Electronics Systems Design and Manufacturing sector.
Nearly 28 million persons are expected to be employed, directly or indirectly for the Electronics Systems Design and Manufacturing. The turnover of the industry is expected to reach $400 billion.
The policy covers all states and districts and provides them an opportunity to attract investments in electronics manufacturing.
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