NEW DELHI: In the wake of the global novel coronavirus pandemic, the Union Cabinet has taken a slew of measures to position the country as an alternative to China.
Union Minister Ravi Shankar Prasad said that the government through production linked incentive for the electronics manufacturing in the country is aiming at Rs 10 lakh crore worth of productions, with over 20 lakh new job creation.
The cabinet has approved a production linked incentive for the large manufacturers at a cost of Rs 40,995 crores.
“The scheme will give an incentive of 4 and 6 per cent on incremental sales of goods manufactured in the country. In the next five years, the scheme will incentivise electronics manufacturing, which will further scale up the success in the manufacture of mobile phones in the country,” said Prasad, while adding that the scheme would benefit the foreign manufacturers, contract manufacturers and domestic companies.
Prasad also said that the Cabinet has also approved another scheme for promoting the manufacture of the electronics parts and accessories of mobile phones along with semi-conductor.
The Cabinet has given the financial support to the scheme worth Rs 3,285 crores.
Union Minister of state Mansukh Mandavia said that the Cabinet similarly has approved a production linked incentive scheme for the manufacture of medical devices.
He said that the government is committed for promotion of API to make India self defendant in manufacture of medicine.