MeitY to clear investment plans of Rs 29,500 crore in next months 

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It expects the Ministry of Electronics and IT (MeitY) to support the fresh investment proposals of Rs 29,500 crore under the Make in India program in the period of subsequent four to five month.

The 80 firms are currently proposing the offers to the electronics department. Under the domestic production initiative, 72 mobile and component manufacturing facilities have already begun their operations in the country by entailing a total spend of about Rs 1.32 lakh crore.

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Ajay Kumar, additional secretary of MeitY said, “79 proposals worth Rs 15,700 crore investment are likely to be cleared in the next 4 to 5 months while 54 with spend of Rs 7,095 crore are in the initial phase of evaluation.”

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The official said that the project location, technology partnerships and financial tie-ups are not yet accomplish as the new proposals are undergone initial phase of assessment.

The current government is enormously funding on multinationals to speed up local manufacturing with an aim to cut import to net zero by 2020.

110 million mobile handset units worth Rs 54,000 crore were developed locally during the 2015-16 fiscal as compare to Rs 18,900 crore in 2014-15.

The government is waiting for doubling the manufacturing of mobile to surpass Rs 90,000 crore this year. The government’s released data disclose the mobile industry’s contribution towards GDP is at 6.5% or $140 billion and is expected to grow at 8.2% by 2020.
Kumar said, 30 mobile component makers for adapters, battery packs, chargers and wired headsets production have been allowed which has already produced new employment for 20,000 individuals.

 

 

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