New Delhi : Prime Minister Narendra Modi has given his full support to push electronics manufacturing, which needs lots of incentives and duty restructuring, Telecom and IT Minister Ravi Shankar Prasad said on Tuesday, reports PTI.
“We can give jobs to 2 crore 80 lakh people if we push electronics manufacturing in a big way that requires lots of incentives, duty restructuring, other things. “Because budget is coming I cannot tell you anything, except to say that the PM was all ears and he has given me full support to push electronics manufacturing in a big way,” he told reporters at an interaction with journalists at Indian Women’s Press Corps office. The minister said he has cleared setting up of eight electronics manufacturing clusters (EMC) since he took charge of the Ministry in May. Under the EMC scheme, the government provides financial support for building industrial parks that house eco-systemfor manufacturing of electronics products.
An electronics manufacturing project can also get benefit under modified special incentive package.
“India imports electronic goods worth USD 100 billion every year which is likely to become $ 400 billion by 2020. The (electronics) import bill may surpass fuel oil import bill,” Prasad said.
Till date, the government has notified 50 brownfield electronics manufacturing clusters and has given in-principle approvals to seven greenfield EMCs across 13 states and a Union territory.
The electronics industry has identified present duty structure as major roadblock. According to industry body ELCINA, a special policy package is required for high value-added manufacturing.