India approves Rs 5,500 crore for electronics projects
India approved seven electronics manufacturing projects valued at more than 5,500 crore rupees on Monday as the government pushes to expand production of circuit boards, camera modules and other components. Electronics and IT Minister Ashwini Vaishnaw said facilities in Tamil Nadu, Andhra Pradesh and Madhya Pradesh will receive incentives under the Electronics Components Manufacturing Scheme.
The companies plan to invest 5,532 crore rupees and produce parts worth 36,559 crore rupees while adding 5,100 jobs. The initiative attracted 249 applications representing potential investments of 1.15 lakh crore rupees.
Multi-layer printed circuit boards and electromechanical parts drew the most interest, with 43 and 87 applicants, respectively. The program launched in April with a budget of 22,919 crore rupees to help India shift from assembling finished electronics to manufacturing the materials and machinery needed.
