Cabinet approves special incentives for electronics sector
New Delhi, July 12 (IANS) The union cabinet Thursday approved a special incentive package to promote large-scale manufacturing in the electronic system design and manufacturing (ESDM) sector.
The scheme, called the Modified Special Incentive Package Scheme (M-SIPS), provides subsidy for investments in capital expenditure - 20 percent for investments in special economic zones (SEZs) and 25 percent in non-SEZs.
It also provides for reimbursement of excise for capital equipment for the non-SEZ units. For high technology and high capital investment units like fabs (semiconductor), reimbursement of central taxes and duties is also provided.
"The policy is expected to create an indigenous manufacturing eco-system for electronics in the country. It will foster the manufacturing of indigenously designed and manufactured chips creating a more cyber secure ecosystem in the country," the communications and IT ministry said in a statement.
The incentives are available for investments made in a project within a period of 10 years from the date of approval.
They are available for 29 category of ESDM products including telecom, IT hardware, consumer electronics, medical electronics, automotive electronics, solar photovoltaic, LEDs, LCDs, strategic electronics, avionics and industrial electronics.
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