India’s allocation of 480 rupees billion for the electronics industry will boost the country’s export as per the detailed research of the experts. As of now, the UAE is the largest importer of Indian electronics goods within the Middle East. As the country hosts the largest Indian diaspora, ‘Make in India’ electronics good are quite popular in the UAE. It is expected that more Indian companies will set-up base in the UAE for electronics goods manufacturing.
Exports of electronics goods in India increased by 83.81 billion rupees in February 2020 from 72.90 billion in January 2020.
The 480 billion rupees allocation for five years under the Production Linked Incentive scheme will provide significant support to the electronics production in the country and help the industry to compete with China and Vietnam in manufacturing and increase the exports volume globally.
The Union Cabinet of India on Saturday approved three key schemes to incentivise electronics and components manufacturing exports and production in the country. The three schemes, with a total outlay of 480.42 billion rupees, are expected to lead to investment to the tune of 20 trillion rupee and employment opportunities for 2.5 million people over the next five to six years, Union Minister for Electronics and IT Ravi Shankar Prasad said during a briefing in New Delhi.