As per the vision of the new electronics policy sanctioned by the Union Government, India is all set to create as many as 1 crore jobs and will become a whopping $400 billion electronic manufacturing ecosystem by the year 2025. The significant policy was proposed by the Ministry of Electronics and Information Technology and was sanctioned by the cabinet on Tuesday.
India has all the ingredients to learn, develop and create products on its own and compete on a global scale and even the policy aims to put India as a global hub for Electronics System Design and Manufacturing – (ESDM) by promoting and driving proficiencies in the country for developing core components, chipsets, and creating a facilitating environment for the industry in order to compete globally.
The gross target will include the production of 100 crore mobile handsets by the year 2025, estimated at about Rs 13 lakh crore, including 60 crore mobile handsets valued at around Rs 7 lakh crore for export.
“The policy will enable the flow of investment and technology, leading to higher value addition in the domestically manufactured electronic products and increased manufacturing of electronics hardware for local use as well as exports,” IT and Law Minister Ravi Shankar Prasad added in a statement.
Under the new policy, the Indian government will offer interest support and credit guarantee scheme in a bid to ease financial constraints on domestic manufacturers and will also provide special payments for mega projects (extremely high-tech and entail huge investments) such as semiconductor facilities display fabrication.