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India nets $13 billion proposals under electronics component scheme: Vaishnaw
The government has received $13-billion (Rs 1.15 lakh crore) investment proposals under the Electronics Component Manufacturing Scheme (ECMS) – nearly double its target – boosting the country's push to build a supply chain that can rival the likes of China.
The response “far exceeded expectations and gives confidence that we are moving towards a more self-reliant and globally competitive ecosystem,” electronics and IT minister Ashwini Vaishnaw told reporters here on Thursday.
“India has the potential to become a global hub for electronics components manufacturing,” he said.
The “unprecedented interest” in ECMS will deepen India's electronics manufacturing ecosystem, significantly upping the value addition, he said.
To establish a fully integrated electronics supply chain by 2031, the government also intends to get deeper into raw materials and critical minerals, Vaishnaw said.
As of September 30 – the deadline for applying for incentives for most products under ECMS – the government has received 249 applications with investment promises of Rs 1,15,351 crore, against the initial target of Rs 59,350 crore, he said.
The proposals are expected to generate more than Rs 10.34 lakh crore of output over its six-year tenure, against a target of Rs 4.56 lakh crore, the minister said. Similarly, the proposals indicate direct employment for about 141,000 people, which is nearly 1.5 times the original target of around 91,600 direct jobs.
Vaishnaw called out the response from smaller players, noting that the micro, small, and medium enterprises (MSMEs) have submitted around 60% of the applications.
“This is a very heartening sign. The vetting process is size-agnostic, and many MSMEs have been able to put together credible proposals, which speaks to the growing strength of India's component ecosystem,” he said.
The highest single investment proposal stands at approximately Rs 22,000 crore, while several applications represent first-time investments in India for manufacturing SMD passives, laminates, flexible PCBs, anode materials, and capital equipment.
The Rs. 22,919-crore scheme, cleared by the Union Cabinet earlier this year, aims to reduce India's dependence on imports for critical electronic components and build a strong domestic supply chain that is resilient against geopolitical shocks.
“Practically…we will not only be able to meet our own demand, but we will also become global suppliers of many of these items. That's the level of interest that has come,” Vaishnaw said.
“The basic idea here is to deepen the value chain in India and ensure that overall, the domestic value-added component is substantially increased, at least doubled from the current parameters,” he added.
According to the minister, the proposals cover a wide variety of products, including display modules, camera modules, passive components, optical transceivers, and flexible printed circuit boards.
The capital goods manufacturing segment of the scheme remains open for applications until April 30, 2027, as the government aims to develop domestic capabilities in equipment used in facilities for electronics manufacturing.
Vaishnaw said applications under ECMS are being vetted on a first-come, first-served basis and approvals will come soon.
The scheme is part of the government's ambitious target to achieve domestic electronics manufacturing of $500 billion, or approximately Rs 40 lakh crore, by 2031.
Currently, the electronics manufacturing sector employs around 2.5 million people across the country.
“One of the requests we had made to the industry was to invest in their design capabilities. And I am very happy to share with you that practically every industry participant agreed with that, and so many of them have started setting up design teams or tying up with other design teams, because that is what is going to give a real competitive advantage to the country," the minister said.
Source: EconomicTimes
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