India targets $300 billion Electronics industry and $1 trillion digital economy by 2026

July 6, 2023

After implementation, it will be with a cap on maximum incentives available to participating companies…reports Asian Lite News

India aims to reach volumes and scale in making original electronic products and the goal is to catalyse partnerships between the government, academia and startups to enable manufacturing of IT hardware like that includes laptops, servers and tablets, Union Minister of State for Electronics and IT, Rajeev Chandrasekhar, said on Thursday.

Addressing a ‘Digital India Dialogues’ session on the recently-revised production-linked incentive (PLI) scheme for IT hardware in Bengaluru, the minister said that our ambitions are very clear — a $300 billion Electronics industry and the $1 trillion digital economy by 2026.

“Aligned with Prime Minister Narendra Modi’s vision, we want to be enablers in deepening India’s components and semiconductor ecosystem. The IT hardware PLI scheme has been carefully designed this time with inputs from the industry,” he told the gathering.

In May, the government cleared the PLI 2.0 scheme for IT hardware with an outlay of Rs 17,000 crore, more than doubling the budget for the scheme that was first cleared in 2021 to incentivise and promote domestic manufacturing by attracting large investments in the value chain.

After implementation, it will be with a cap on maximum incentives available to participating companies.

With an anticipated incremental investment of Rs 2,430 crore, the scheme aims to generate an incremental production amounting to Rs 3,35,000 crore.

Moreover, the PLI 2.0 is expected to create 75,000 direct jobs along with over 2 lakh indirect jobs, significantly increasing employment opportunities in the sector.

Through the provision of financial incentives, the government seeks to encourage localisation of IT hardware components and sub-assemblies.

The scheme covers laptops, tablets, all-in-one PCs, servers and ultra small form factor devices.

ALSO READ-Paytm saga continues

Previous Story

Lukashenko: Wagner boss still in Russia

Next Story

Trudeau rebuts criticism on Khalistan stance

Latest from BUSINESS

Gold Shines Bright Amid Global Jitters

Gold and silver continued their bullish run on Monday, scaling new highs amid mounting global uncertainties, heightened geopolitical tensions, and growing expectations

Jewellery Exports Shine Bright

The GJEPC noted that product diversification has played a major role in sustaining momentum. Lightweight and contemporary designs are gaining traction among

Don't Miss