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FICCI welcomes launch of three forward-looking schemes by the Minister for Electronics & IT Ravi Shankar Prasad
Jun 02, 2020
A historic day for Indian electronics industry: Som Mittal, Mentor, FICCI Electronics Manufacturing Committee.
NEW DELHI, 2nd June 2020: FICCI congratulates Mr Ravi Shankar Prasad, Minister for Electronics & IT, Govt of India for unveiling the guidelines of three schemes, namely, 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, for the development of electronics manufacturing and its ecosystem in India.
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 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 Mr Som Mittal, Mentor, FICCI Electronics Manufacturing Committee.
Mr Manish Sharma, Chair, FICCI Electronics Manufacturing Committee further added, "The roadmap launched today of the Rs 50,000 crore incentive schemes by Minister, Shri 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. 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."