The Ministry of Electronics and IT, Government of India has approved a total of 314 applications with a proposed investment of Rs. 86,824 crore under the revised special incentive package scheme till May 31, said an official note.
The proposals that were approved in May included an investment of Rs. to 596 crores BOSCH Automotive Electronics Pvt Ltd, said in an official note dated June 24.
“As on May 31, 320 applications with a proposed investment of Rs 89,232 crore are being considered. Out of 320 applications, about 314 applications with proposed investment of Rs 86,824 crore have been approved,” the official document said.
M-SIPS (Modified Special Incentive Package Scheme) was announced by the government in July 2012. It has been amended twice – in August 2015 and January 2017, and mainly provides a capex Subsidy of 20-25 percent.
The application window for M-SIPS was closed on December 31, 2018.
“Till May 31, an incentive of Rs 1,774.47 crore has been given to 114 applicants,” the document said.
M-SIPS was the first scheme under which the government wooed electronics manufacturing companies.
samsung, LGBosch, Tejas NetworkMotherson Sumi Systems, Tata Power SED, Nidec India, Nippon AudiotronicsContinental Automotive, GE BE and Wipro GE Healthcare were the initial applicants of the scheme.
In an effort to woo global mobile device makers, the government has now come up with production-linked incentive schemes.
In October 2020, it approved 16 proposals from domestic and international companies that required an investment of Rs. 11,000 crore under Production Linked Incentive (PLI) The plan to make mobile phones worth Rs. 10.5 lakh crore in the next five years.
companies include iPhone the creator Applecontract manufacturer of Foxconn Hon Hai, Python And pegatronIn addition to Samsung and rising star, Domestic companies whose proposals have been approved include: lava, Bhagwati (Micromax), Padgett Electronics (Dixon Technologies)UTL NeoLinks and Optimus,