Govt to issue norms for electronics component scheme soon
In a significant move to strengthen India’s position in global electronics supply chains, the government is set to issue guidelines for the new electronics component manufacturing scheme. The scheme, which was recently cleared by the Cabinet, aims to significantly boost domestic production, create jobs, and reduce import dependency.
The scheme is expected to give a major boost to the country’s electronics manufacturing industry, which has been growing rapidly in recent years. The government has been taking various measures to encourage domestic manufacturing and reduce dependence on imports. The new scheme is seen as a major step in this direction.
According to Union Minister Ashwini Vaishnaw, the government will soon issue guidelines for the scheme. “We are working on the guidelines and will issue them soon,” Vaishnaw said in a recent statement.
The scheme is expected to benefit the industry by providing a framework for the production of electronics components in the country. It will also provide incentives to companies that set up manufacturing facilities in India. The scheme is expected to attract foreign investment and create jobs in the industry.
The scheme is a major step in the government’s efforts to strengthen India’s position in global electronics supply chains. The country has been looking to increase its share in the global electronics market, which is expected to grow to $1.5 trillion by 2025.
The government has been taking various measures to promote electronics manufacturing in the country. It has set up a number of initiatives, including the Electronics Manufacturing Cluster (EMC) scheme, to encourage companies to set up manufacturing facilities in India.
The EMC scheme provides a range of benefits to companies, including subsidies for setting up manufacturing facilities, tax incentives, and infrastructure support. The scheme has been successful in attracting foreign investment and creating jobs in the industry.
The new scheme is expected to build on the success of the EMC scheme. It will provide a framework for the production of electronics components in the country and provide incentives to companies that set up manufacturing facilities in India.
The scheme is also expected to benefit the country’s economy by reducing import dependency. The country imports a significant portion of its electronics components from other countries, which can be a challenge for the industry. The scheme will encourage domestic production, which will reduce the country’s dependence on imports.
The scheme is expected to create jobs in the industry, which is expected to benefit the country’s economy. The electronics manufacturing industry is a major employer in the country, and the scheme will create new job opportunities in the industry.
In conclusion, the government’s new electronics component manufacturing scheme is a major step in the country’s efforts to strengthen its position in global electronics supply chains. The scheme will provide a framework for the production of electronics components in the country, provide incentives to companies that set up manufacturing facilities in India, and create jobs in the industry.
Source: https://www.logisticsoutlook.com/supply-chain/guide-electronics-component
