India Approves Major Investments to Boost Electronics Manufacturing

India's government has approved 22 new proposals under the Electronics Components Manufacturing Scheme, involving Rs 41,863 crore in investments and Rs 2,58,152 crore in production. This initiative aims to create nearly 33,791 jobs, reduce reliance on imports, and strengthen India's global electronics supply chain position.

The Indian government has green-lighted 22 new proposals as part of the Electronics Components Manufacturing Scheme (ECMS), promising significant economic booster shots. With investments amassing Rs 41,863 crore and the production of components valued at Rs 2,58,152 crore, the initiative seeks to fortify India's stance on the global electronics stage.

The third tranche of approvals is expected to create nearly 33,791 jobs, significantly reducing India's dependency on imported electronics components. Driven by industry heavyweights like Foxconn, Dixon, Tata Electronics, and Samsung, these undertakings aim to establish India as a formidable player in electronics manufacturing.

Moreover, this move aligns with existing semiconductor initiatives and ECMS progress. Union IT Minister Ashwini Vaishnaw stressed the importance of reforms and tech-enabled policies at a press briefing, emphasizing rapid project execution. These steps underscore the government's commitment to fostering innovation and achieving a balanced industrial growth across the nation.

(With inputs from agencies.)