India Boosts Electronics Manufacturing with Rs 5,532 Crore Projects

Seven new projects worth Rs 5,532 crore have been approved under the Electronics Component Manufacturing Scheme, aiming to enhance India's electronics manufacturing. Expected to generate Rs 44,406 crore in output and 5,195 jobs, these projects focus on producing critical components for sectors like smartphones and medical devices.

In a significant move to bolster its electronics sector, India has greenlit seven projects under the Electronics Component Manufacturing Scheme (ECMS), demanding an investment of Rs 5,532 crore. Unveiled by Union Minister Ashwini Vaishnaw, the projects are set to generate an output of Rs 44,406 crore, creating 5,195 jobs across the nation.

Launched on April 8 with a funding of Rs 22,919 crore, the ECMS aims to establish a self-reliant ecosystem for electronics component production. It seeks to lure both domestic and global investors, fostering greater value addition within the country and enhancing its stake in global trade. To date, commitments under the scheme have doubled its initial targets.

Focusing on high-value components crucial for sectors such as telecommunications and defense, the newly approved projects are distributed across Tamil Nadu, Andhra Pradesh, and Madhya Pradesh. Over the past decade, India's electronics production has surged, transforming it into the third-largest export category, an impressive leap from its previous rank.

(With inputs from agencies.)