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Incentive Scheme 2.0 for IT related hardware with budgetary outlay of Rs. 17,000 Cr

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The government has approved Production Linked Incentive Scheme 2.0 for Information and Technology related hardware with a budgetary outlay of 17,000 crore rupees. The decision was taken at the Union Cabinet meeting chaired by Prime Minister Narendra Modi on May 17..

Addressing media after the meeting, Electronics and Information Technology Minister Ashwini Vaishnaw said, the tenure of the scheme is six years and the expected investment will be over 2,400 crore rupees.

The Minister expressed confidence that this decision will create more than two lakh employment opportunities including 75 thousand direct employments. He said, electronics manufacturing has witnessed consistent growth with 17 percent compound annual growth rate in last eight years and this year it has crossed a major landmark of 105 billion US dollars.

Mr. Vaishnaw said, India has become the world’s second largest manufacturer of mobile phones and exports of mobile phones crossed a major milestone of 11 billion US dollars this year.

The Minister said, India is emerging as a major electronics manufacturing country and IT hardware companies have shown interest in establishing manufacturing facilities in the country.

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