Live Budget 2017: Govt announces Rs 745 crore incentives for electronic manufacturing in India
- Press Release|
- < 1 minute
- By Taxmann
- Last Updated on 23 October, 2020
Finance Minister Arun Jaitley, while presenting Union Budget 2017-18 in the Lok Sabha, said the government has increased allocations towards schemes like Modified Special Incentive Package Scheme (M-SIPS) and Electronic Development Fund (EDF) to Rs 745 crore in 2017-18, aimed at creating an ecosystem to make the country a hub for electronic & tech manufacturing.
“We are also creating an ecosystem to make India a global hub for electronics manufacturers. Over 250 investment proposals for electronics manufacturing has been received in the last 2 years, totalling an investment of Rs 1.26 lakh crore,” the minister said.
A number of global leaders and mobile manufacturers have set up production facilities in India, he said, adding that the government has so far received over 250 investment proposals worth Rs 126,000 crore in the Electronic manufacturing sector.
“I have therefore exponentially increased the allocation and incentives of schemes like Modified Special Incentive Package Scheme (M-SIPS) and Electronic Development Fund (EDF) to Rs 745 crore in 2017-18, this is an all-time high,” Jaitley said.
Handset makers operating in India had urged the government to continue duty differential regime for mobile phones in the upcoming budget, amid business slowdown due to demonetisation and the imminent implementation of goods and service tax (GST) regime. They also demanded exemption of duty on import of capital goods used in the manufacturing of mobile handsets and components, besides redrawing of electronic waste norms, which some feel are regressive and unpredictable, ET earlier reported
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