Rush of Applications for India's Electronics Manufacturing Scheme
The Indian government's Rs 23,000-crore electronics component manufacturing scheme has seen a massive influx of applications within just 15 days of opening. Union minister Ashwini Vaishnaw highlighted that 80% of applicants are small and medium enterprises, with significant interest from major players like Tata Electronics and Foxconn also noted.
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The Indian government's recent electronics component manufacturing scheme, valued at Rs 23,000 crore, is witnessing overwhelming participation. According to Union minister Ashwini Vaishnaw, around 70 applications have been filed within just half a month since the application window opened, reflecting the initiative's potential for addressing the demand-supply gap in the sector.
Interestingly, a significant 80% of these applications stem from small and medium enterprises (SMEs), illustrating broad-based interest and accessibility of the scheme. Despite the dominant SME presence, major industry players such as Tata Electronics, Dixon Technologies, and Foxconn have shown keen interest, aligning with the government's industrial growth objectives.
The scheme's focus is primarily on sub-assembly components, with a major portion of funding dedicated to camera modules and multi-layered printed circuit boards, among others. By addressing the anticipated USD 248 billion deficit by 2030, the plan highlights strategic efforts aimed at reducing import dependency and bolstering domestic manufacturing capabilities.
(With inputs from agencies.)
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