Aimed at positioning India as a global manufacturing hub, finance minister Arun Jaitley on Wednesday announced increase in allocations towards schemes like Modified Special Incentive Package Scheme (M-SIPS) and Electronic Development Fund (EDF) to Rs745 crore in 2017-18.
“We are also creating an ecosystem to make India a global hub for electronics manufacturers. Over 250 investment proposals for electronics manufacturing has been received in the last 2 years, totaling an investment of Rs 1.26 lakh crore,” Jaitley said while presenting Union budget 2017-18 in the Lok Sabha.
A number of global leaders and mobile manufacturers have set up production facilities in India, he added. “I have therefore exponentially increased the allocation and incentives of schemes like M-SIPS and EDF to Rs745 crore in 2017-18, this is an all-time high,” he said.