Manufacturing - #SectorUpdates
Government of India’s goal is to make India a significant design and manufacturing hub in Global Value chain for Electronics, as part of its Atmanirbhar Bharat Economic policies. To establish India as a global leader in electronics manufacturing, Government of India has launched many flagship schemes. The Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) is a step in this direction. It was notified on April 01, 2020 and provides financial incentive of 25% on capital expenditure for the identified list of electronic goods that comprise downstream value chain of electronic products, i.e., electronic components, semiconductor / display fabrication units, ATMP units, specialized sub-assemblies and capital goods for manufacture of aforesaid goods. The scheme is open to receive applications till 31.03.2023. These strategic steps will help to promote India as a global electronics manufacturing and design hub.