Industry hails schemes for electronics manufacturing
SME Times , Jun 05, 2020
Industry body FICCI congratulates Minister for Electronics & IT Ravi Shankar Prasad for unveiling the guidelines of three new schemes for the development of electronics manufacturing and its ecosystem in India.
These schemes are Production Linked Incentive Scheme (PLI), Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) and Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme.
FICCI welcomes this forward looking, timely and bold policy initiative. It is the surest step forward to shift supply chains in one of the fastest growing sectors of the world to India.
We expect India to become a leading exporter for mobile phones to the world by 2023. The schemes will also help pull in manufacturing of components, sub-assemblies and eventually core technologies, it said.
"It is a historic day for Indian electronics industry. The scheme would not only integrate Indian electronics industry with the global supply chain and building robust manufacturing ecosystem but also help in creating more employment in the country," said Som Mittal, Mentor, FICCI Electronics Manufacturing Committee.
Manish Sharma, Chair, FICCI Electronics Manufacturing Committee further added, "The roadmap launched today of the Rs 50,000 crore incentive schemes by Minister, Ravi Shankar is encouraging for the electronics industry. This initiative is a progressive step towards 'Make in India' helping us achieve the Honorable PM's vision of Atmanirbhar Bharat.”
He added that collectively the schemes - PLI, EMC 2.0 and SPECS will help scale up the component ecosystem and generate employment.
We believe, the electronics industry in India can increase its potential multi-fold by 2025, with backward integration. It is important that we leverage the current times to explore new geographies for expanding the demand domain through exports with stability in policies and agility in approach, he said.