New Delhi, April 9 || India’s electronics manufacturing sector has received a major boost with the government notifying the much-awaited ‘Electronics Component Manufacturing Scheme' (ECMS), top industry bodies said on Wednesday.
The scheme marks a turning point for strengthening India’s component manufacturing ecosystem and increasing domestic value addition.
With a financial outlay of Rs 22,919 crore over six years, ECMS aims to generate production worth Rs 4.56 lakh crore, attract investments of Rs 59,350 crore and create nearly 91,600 direct jobs.
Applications for the scheme will open from May 1 for an initial period of three months and can be reopened based on industry response.
The India Cellular and Electronics Association (ICEA) Chairman Pankaj Mohindroo said this scheme would not only deepen India’s electronics supply chain but also help build strong Indian champions that can compete globally.
“The electronics sector has already made a mark, especially in mobile manufacturing. The ECMS will build on that momentum and help realise the dream of $500 billion in electronics production,” Mohindroo said, adding that India’s current strength in mobile phone exports proves the country’s capability to build a globally competitive ecosystem.