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| Cabinet approves incentive plan for electronics manufacturing |
| Friday, 13 July 2012 | |
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The Union Cabinet has approved another proposal to provide a special incentive package to promote large-scale manufacturing in the Electronic System Design and Manufacturing sector. The scheme, called the Modified Special Incentive Package Scheme (M-SIPS), would benefit individual IT and electronics companies in setting up manufacturing facility. The Cabinet had earlier approved a similar scheme for the development of Electronics Manufacturing Clusters (EMCs) that would support setting up of both greenfield and brownfield clusters. Under this scheme, incentives would be provided to multiple companies for shared infrastructure such as road, water and common testing facilities through special purpose vehicle. Both the schemes will be part of the National Electronics Policy which will be announced soon. Under M-SIPS, the Government would provide subsidy for investments in capital expenditure of 20 per cent for investments in special economic zones (SEZs) and 25 per cent in non-SEZs for individual companies. The incentives would be available for 29 categories of products, including telecom, information technology hardware, consumer electronics, medical electronics, automotive electronics, solar photovoltaic and semiconductor chips and chip components. The M-SIPS would also provide reimbursement of countervailing duty or excise for capital equipment for the non-SEZ units. For high technology and high capital investment units – like fabs – reimbursement of Central taxes and duties would also be provided. The scheme also provides incentives for relocation of units from abroad. - Communications Today Bureau |
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