The government has launched three new electronics manufacturing schemes aimed at strengthening domestic manufacturing of mobile phone manufacturers and increasing employment in the sector. TaxfillingIndia.com, a leading online portal for online legal registration anywhere in India
The government has announced three new electronic manufacturing schemes that will encourage investment in India’s electronics sector. The government aims to increase domestic value-adding in mobile phones by 35-40% by 2025. These new incentives will help offset the current challenges faced by the Indian electronics manufacturing industry and also strengthen the ecosystem. The three schemes will be worth a total of Rs 50,000 crore. The government is also focusing on the creation of quality infrastructure in electronic manufacturing parks, which will create jobs and boost the economy.
The government’s Electronics Manufacturing Scheme includes three initiatives, each of which will offer incentives worth Rs 50,000 crore. Each of these initiatives is aimed at increasing production in electronics, with a target of $106 billion by 2018-19. The goal for exports of electronic components is $77 billion a year. The largest incentive under the scheme is the Production linked Incentive scheme, which has a total value of Rs 40,000 crore. The incentives are designed to encourage the manufacture of large-scale mobile devices.
The government’s goal is to increase the country’s manufacturing capacity by attracting more foreign investors to the country. This initiative is also intended to help India compete with other Asian countries in the global electronic market. If these incentives are implemented, India will have an advantage over many Asian nations. The Indian government will be able to attract a large number of high-quality workers who will bring new jobs to the country.
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