New Delhi: The government has received $13-billion (₹1.15 lakh crore) investment proposals under the Electronics Component Manufacturing Scheme (ECMS) - nearly double its target - boosting the country's push to build a supply chain that can rival the likes of China.
The response "far exceeded expectations and gives confidence that we are moving towards a more self-reliant and globally competitive ecosystem," electronics and IT minister Ashwini Vaishnaw told reporters here on Thursday.
"India has the potential to become a global hub for electronics components manufacturing," he said. The "unprecedented interest" in ECMS will deepen India's electronics manufacturing ecosystem, significantly upping the value addition, he said.
Creation of 141k Direct Jobs
To establish a fully integrated electronics supply chain by 2031, the government also intends to get deeper into raw materials and critical minerals, Vaishnaw said.
As of September 30 — the deadline for applying for incentives for most products under ECMS — the government has received 249 applications with investment promises of ₹1,15,351 crore, against the initial target of ₹59,350 crore, he said. The proposals are expected to generate more than ₹10.34 lakh crore of output over its six-year tenure, against a target of ₹4.56 lakh crore, the minister said.
Similarly, the proposals indicate direct employment for about 141,000 people, which is nearly 1.5 times the original target of around 91,600 direct jobs.
Vaishnaw called out the response from smaller players, noting that the micro, small, and medium enterprises (MSMEs) have submitted around 60% of the applications. “This is a very heartening sign. The vetting process is size-agnostic, and many MSMEs have been able to put together credible proposals, which speaks to the growing strength of India’s component ecosystem,” he said.
The highest single investment proposal stands at approximately ₹22,000 crore, while several applications represent first-time investments in India for manufacturing SMD passives, laminates, flexible PCBs, anode materials, and capital equipment.
The ₹22,919-crore scheme, cleared by the Union cabinet earlier this year, aims to reduce India’s dependence on imports for critical electronic components and build a strong domestic supply chain that is resilient against geopolitical shocks.
“Practically…we will not only be able to meet our own demand, but we will also become global suppliers of many of these items. That’s the level of interest that has come,” Vaishnaw said.
“The basic idea here is to deepen the value chain in India and ensure that overall, domestic value-added component is substantially increased, at least doubled from current parameters,” he added.
The response "far exceeded expectations and gives confidence that we are moving towards a more self-reliant and globally competitive ecosystem," electronics and IT minister Ashwini Vaishnaw told reporters here on Thursday.
"India has the potential to become a global hub for electronics components manufacturing," he said. The "unprecedented interest" in ECMS will deepen India's electronics manufacturing ecosystem, significantly upping the value addition, he said.
Creation of 141k Direct Jobs
To establish a fully integrated electronics supply chain by 2031, the government also intends to get deeper into raw materials and critical minerals, Vaishnaw said.
As of September 30 — the deadline for applying for incentives for most products under ECMS — the government has received 249 applications with investment promises of ₹1,15,351 crore, against the initial target of ₹59,350 crore, he said. The proposals are expected to generate more than ₹10.34 lakh crore of output over its six-year tenure, against a target of ₹4.56 lakh crore, the minister said.
Similarly, the proposals indicate direct employment for about 141,000 people, which is nearly 1.5 times the original target of around 91,600 direct jobs.
Vaishnaw called out the response from smaller players, noting that the micro, small, and medium enterprises (MSMEs) have submitted around 60% of the applications. “This is a very heartening sign. The vetting process is size-agnostic, and many MSMEs have been able to put together credible proposals, which speaks to the growing strength of India’s component ecosystem,” he said.
The highest single investment proposal stands at approximately ₹22,000 crore, while several applications represent first-time investments in India for manufacturing SMD passives, laminates, flexible PCBs, anode materials, and capital equipment.
The ₹22,919-crore scheme, cleared by the Union cabinet earlier this year, aims to reduce India’s dependence on imports for critical electronic components and build a strong domestic supply chain that is resilient against geopolitical shocks.
“Practically…we will not only be able to meet our own demand, but we will also become global suppliers of many of these items. That’s the level of interest that has come,” Vaishnaw said.
“The basic idea here is to deepen the value chain in India and ensure that overall, domestic value-added component is substantially increased, at least doubled from current parameters,” he added.
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