Cabinet approves production-linked incentives for electronics mfg firms

The Union Cabinet has approved production-linked incentives worth Rs 40,995 crore for electronics manufacturing companies. Sharing further details, Union Communications Minister Ravi Shankar Prasad on Saturday said the government will dole out incentives worth Rs 40,995 crore to boost manufacturing of electronics products.

"Two long-term policy decisions have been taken to make India hub of electronics manufacturing in new directions and medical electronics. Cabinet has approved production linked-incentive for electronics companies. We will give Rs 40,995 crore in the coming five years for production linked-incentive," Prasad said. Incentives will be linked to incremental sales and capital investment of the companies, he added.

"...because of these schemes, we hope to generate manufacturing revenue potential of Rs 10 lakh crore by 2025," Prasad said. The minister said that incentive of 25 per cent will be given on capital investment under the scheme.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)