India's Electronics Manufacturing Scheme Sparks Unprecedented Global Interest

The Electronics Components Manufacturing Scheme has captivated both domestic and international industry leaders, signaling India's ascending influence in global electronics manufacturing. An official statement highlights the growing confidence within India's domestic industry, including MSMEs, in bolstering the drive towards self-reliance in electronics production.

The scheme, lauded by Union Minister Ashwini Vaishnaw, is anticipated to generate 1,42,000 direct jobs, far exceeding the initial target. The minister urged state governments to capitalize on this opportunity, promoting electronics manufacturing as a vital employment generator for the youth. The scheme, sanctioned by the Cabinet with a fiscal allocation of Rs. 22,919 crore, boasts commitments amounting to Rs.1,15,351 crores, nearly double the anticipated figure.

The manufacturing initiative is expected to produce electronics components totaling approximately Rs. 10,34,700 crores over the next six years, substantially surpassing its original objectives. As the response window closed, the enthusiasm from industry leaders set a firm foundation for the government's vision of a $500 billion electronics manufacturing ecosystem by 2030-31.

(With inputs from agencies.)