The Indian government has approved a nearly $3 billion incentive scheme to boost domestic manufacturing of electronic components. This initiative aims to foster the growth of the local electronics component ecosystem by encouraging investment and innovation in the sector. The scheme is designed to reduce India's reliance on imported electronics, which currently makes up a significant portion of the countryβs electronics consumption. By enhancing domestic production, the scheme intends to increase the local value addition of components and subassemblies to 35-40% over its duration. The incentives will support a variety of stakeholders, including manufacturers of semiconductors, displays, and other key electronic components. This effort is expected to generate jobs, promote technological advancements, and position India as a competitive player in the global electronics market. Additionally, the scheme aligns with the government's "Make in India" and "Atmanirbhar Bharat" (self-reliant India) initiatives. By developing a robust domestic supply chain, the program will also improve resilience in the electronics sector. (As per ET report)
https://economictimes.indiatimes.com/industry/cons-products/electronics/india-readies-rs-25000-cr-boost-for-its-electronics-components-industry/articleshow/116971950.cms
