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Last Updated : Jun 02, 2020 04:29 PM IST | Source: PTI

Govt starts inviting application for Rs 50,000 crore electronic incentive schemes

IT and Telecom Minister Ravi Shankar Prasad said India will initially aim to attract top 5 global mobile manufacturing companies and also promote five local companies that will be identified through a screening process.

PTI

The government on Tuesday started inviting applications for Rs 50,000 crore inventive schemes to attract global mobile device makers and boost local companies for electronics manufacturing.

IT and Telecom Minister Ravi Shankar Prasad said India will initially aim to attract top 5 global mobile manufacturing companies and also promote five local companies that will be identified through a screening process.

"There is a total incentive of Rs 50,000 crore. There are 5-6 large companies that control 80 per cent of global mobile market. Initially, we will pick up five global champions who under the PLI scheme shall be permitted to participate.

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"Global and the local will together to make India a good manufacturing talented country supporting the global chain. We will also promote 5 Indian companies to become national champions," Prasad said.

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The minister said that if India has become second largest mobile manufacturing country in the world, and now working to lead the segment globally.

"A self-reliant robust India is not against any country," Prasad said.

The government had notified three schemes on April 1 for the promotion of electronics. These were schemes for manufacturing of electronic components and semiconductors, modified electronics manufacturing clusters (EMC 2.0) scheme, and production linked incentive scheme for large scale electronics manufacturing.

"The schemes have been opened today and companies can now submit their application," Electronics and IT secretary Ajay Prakash Sawhney said.

Niti Aayog CEO Amitabh Kant said global mobile majors will come to India in next 2-3 years, and the country will soon become number one in the segment.

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First Published on Jun 2, 2020 04:10 pm
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