Bangalore: The Government has proposed to create an electronics development fund of $2 billion to promote innovation, intellectual property, research and development (R&D), nano electronics and help commercialise made-in-India products.
Announcing the plans for this proposed fund at the Freescale Technology Forum, Ajay Kumar, Joint Secretary, Department of Electronics and Information Technology, said this fund will be made available for companies in the Electronics Systems Design and Manufacturing clusters all across India.
As a part of this, the Government is planning to participate with private players and will contribute 25-75 per cent to co-fund manufacturing initiatives.
A policy will be announced shortly, said Kumar. Walden International, a venture capital fund, is in talks with the Government to be a part of this fund, said Kumar.
Five clusters
Already, five clusters have come up or have advanced much, in Andhra Pradesh, Kerala, Haryana, Punjab and Bangalore.
In these clusters, the Government plans to set up an ecosystem that would involve skill development and the Government would give preference to products made out of these clusters, said Kumar.
Having missed the bus in manufacturing to China, the Government is increasingly looking to build the ecosystem that will help the growing domestic electronics demand in India, say industry watchers.
According to data, chip design and embedded software market in India is estimated to reach $55 billion in 2020, medical electronics equipment market is pegged at $5 billion.
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