Electronics Component Scheme To Be Launched Soon: Vaishnaw

SUMMARY

Vaishnaw was speaking at the inauguration of VVDN’s Surface Mount Technology (SMT) Line and Mechanical Innovation Park in Manesar

He said that the scheme is expected to boost domestic production, create jobs and reduce import dependency

Vaishnaw also revealed in an X post that the sector has created nearly 25 Lakh jobs

Days after the Union Cabinet approved the PLI scheme for electronics components, Union Minister Ashwini Vaishnaw has said that the guidelines for the scheme have been finalised and its online portal will be launched soon.

Vaishnaw was speaking at the inauguration of VVDN’s Surface Mount Technology (SMT) Line and Mechanical Innovation Park in Manesar.

He said that the scheme is expected to boost domestic production, create jobs and reduce import dependency.

The minister further said that electronics manufacturing in India has grown fivefold in the last six years, crossing INR 11 Lakh Cr, while exports saw a sixfold increase in the past decade, exceeding INR 3.25 Lakh Cr.

Vaishnaw also revealed in an X post that the sector has created nearly 25 Lakh jobs.

He added that India has the talent to design sophisticated electronic products, giving the country an edge over others that lack design capability.

Last month, the union cabinet approved the PLI scheme for non-semiconductor electronics components with an outlay of INR 22,919 Cr.

The scheme aims to attract an investment of INR 59,350 Cr, resulting in production of INR 4,56,500 Cr, and generating additional direct employment of 91,600 persons and many indirect jobs as well.

It targets electronics components such as display modules, sub assembly camera modules, printed circuit board assemblies, lithium cell enclosures, resistors, capacitors and ferrites, among others.

Notably, reports that surfaced from the past year revealed that the Centre licked off its plans to promote electronics component manufacturing in the country by allocating funds, where the Ministry of Electronics and Information Technology (MeitY) would adopt a three-pronged approach for the plan’s incentives, offering them as either a capex subsidy, an opex subsidy, or a combination of both.

On the other hand, adding to the Centre’s proposal to build such an AI model, the IT minister also revealed that the evaluation of AI Large Language Model (LLM) applications is in the final leg and soon the government will shortlist entities that will secure funding under the INR 10,037 Cr IndiaAI Mission.