India's Electronics Component Manufacturing Scheme Sparks Ambitious Growth

India has launched its first Electronics Component Manufacturing Scheme with a Rs 22,919 crore investment. The initiative aims to boost domestic production, create employment, and stimulate economic growth. The scheme also seeks to reduce India's import deficit by integrating local companies into global value chains.

In a landmark move for India's electronics industry, the nation's first Electronics Component Manufacturing Scheme was unveiled on Friday. With an ambitious investment of Rs 22,919 crore, the initiative is set to invigorate domestic production of passive components and catalyze workforce competitiveness and economic development.

Approved by the Union Cabinet, the scheme has the potential to attract Rs 59,350 crore in investments, yielding Rs 4,56,500 crore in production and directly creating 91,600 jobs over its six-year tenure. This strategic effort is aimed at strengthening India's electronics manufacturing sector by reducing reliance on imports.

Industry leaders and associations, including Elcina and ICEA, have praised the scheme as a transformative step, highlighting its potential to make India a global electronics manufacturing leader by fostering a robust component ecosystem. Experts believe the initiative will enhance local value addition and propel India into a new era of manufacturing excellence.

(With inputs from agencies.)