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Proposals Worth Rs 65,000Cr Received For Manufacturing Electronics In India

Indian government has received proposals worth Rs 65,000 crore to invest in the fields of semiconductor and electronics manufacturing, reports Economic Times. These proposals are part of a drive by the Indian government to encourage manufacturing of electronics equipments in India and reduce reliance on imports for the same. The government had approved National Electronics Policy in 2012, to create a turnover of $400 billion and two million jobs by 2020. M-SIPS investment falls short of target? The department of electronics and information technology (DeitY) Secretary J Satyanarayana said that out of these proposals, Rs 13,800 Crore was under the Modified Special Incentive Package (M-SIPS). It is worth noting that in January 2013, while setting up the agenda for DeitY for the year, Union Minister of Communications & IT Kapil Sibal had set up a target of Rs 25,000 crore for investments under M-SIPS. The current level of investments falls far short of this goal. It also needs to be pointed out that the proposals for setting up two fabs has not been calculated under M-SIPS (more on that later). DeitY had invited applications under M-SIPS in January 2013 and offered 25% subsidy to companies in non-SEZ and 20 % within SEZ, reimbursement of CVD/excise for capital equipment for non-SEZ units and reimbursement of central taxes and duties for 10 years in select high- tech units like fabs. The last date for M-SIPS application is July 26, 2015, so there is hope that the government will be able to attract more…

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