New Delhi – In a move to bolster its domestic electronics manufacturing sector and reduce reliance on imports, the Indian government has approved a substantial $2.7 billion (approximately ₹196.24 billion INR) subsidy plan. The decision, announced by the federal cabinet, aims to incentivize the production of crucial electronic components and generate employment opportunities within the country.
As the world’s most populous nation, India is aggressively pursuing the development of its local manufacturing capabilities. This latest initiative builds upon the success of the Production Linked Incentive (PLI) scheme, which has already proven effective in attracting major players like Apple and Samsung to manufacture and export billions of dollars worth of smartphones from India.
The newly approved subsidy plan targets a wide range of essential components, including displays, camera modules, casings for mobile phones and laptops, and multi-layered printed circuit boards (PCBs). These components are vital for various industries, positioning India to become a key player in the global electronics supply chain.
According to India’s Technology Minister, Ashwini Vaishnaw, the program will span six years and benefit sectors including electronics, telecommunications, medical devices, consumer electronics, automotive, and power. The government anticipates that the scheme will attract investments of ₹593.5 billion INR (approximately $503.1 million USD) and create over 91,000 direct jobs.
This initiative signifies India’s commitment to becoming a global manufacturing hub, capitalizing on its large domestic market and skilled workforce. By incentivizing local production of critical electronic components, India aims to strengthen its economic independence and secure its position in the rapidly evolving global technology landscape.
References:
- IT之家. (2024, March 28). 印度政府批准 27 亿美元补贴计划，推动本土电子元件制造业发展 [Indian government approves $2.7 billion subsidy plan to promote local electronic component manufacturing development]. Retrieved from [Insert original article URL here if available, otherwise omit]
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