New Delhi: India has set aside Rs 30,000 crore worth of incentives and subsidies to encourage firms to set up electronics manufacturing units in the country. Startups interested in creation of apps for mobile phones, tablets and other electronic hardware will also benefit, as a package of Rs 10,000 crore is in the offing for them.
"About Rs 20,000 crore has already been approved. While the rest has been put forth for approval by the Cabinet for startups interested in IP creation, as an electronic development fund," J Satyanarayana, who took over this year as the new IT secretary, at department of electronics and IT told ET.
The fund will also be used for providing incentives to the tune of 20-25% as subsidy for capital expenditure incurred. Firms such as Nokia, Samsung, LG, Dell, Lenovo, who are already manufacturing in India, will also benefit from the new fund.
Government has also drafted a marketing plan to encourage 'Made in India' electronics in the global market.
"We will visit global trade fairs and exhibitions and invite component and electronic makers in Korea, Taiwan, China, Japan, Germany and US, to locate units in India," Satyanarayana added.
A delegation of Ministry officials is visiting a trade fair in Germany next month to scout for potential candidates. The Union Cabinet last month approved Rs 10,000 crore, as financial support for the development of electronic manufacturing clusters.
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