The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme for development of world class infrastructure along with common facilities and amenities through Electronics Manufacturing Clusters (EMCs) that will help India to become the mobile manufacturing hub in the world.
It is expected that these EMCs would aid the growth of the ESDM sector, help development of entrepreneurial ecosystem, drive innovation and catalyse the economic growth of the region by attracting investments in the sector, increasing employment opportunities and tax revenues.
The government has proposed a total outlay of the proposed EMC 2.0 Scheme at Rs.3,762.25 crore, which includes the financial assistance of Rs.3,725 crore and administrative and management expense to the tune of Rs.37.25 crore over a period of eight years.
Some of the expected outcomes of the Scheme include availability of ready infrastructure and 'plug & play' facility for attracting investment in electronics sector, new investment in electronics sector, jobs created by the manufacturing units and revenue in the form of taxes paid by the manufacturing units.
According to Manufacturers Association Of Information Technology (MAIT), India should now see large scale manufacturing happening in the country, translating into progressive increase in value addition from around 20 per cent to 35-40 per cent.
- Electronics
Market is a sunshine market. Indian market has grown at a CAGR of 14% from
2016-19 and is expected to accelerate at a CAGR of 16.6% between 2020-25
- Electronics
production currently contributes 3.3% to the economy. It will grow to
US$320 Bn by 2025. With additional measures, it has potential to reach
US$410 Bn, which will be 8.2% of US$ 5Tn India's GDP target by 2025
- Currently 50% of
US$134 Bn of total Electronics products Demand is imported. By 2025, the
total product Demand will reach to US$368 Bn, however, import can reduce
to 29%, saving US$76 Bn of foreign exchange
- The Industry has
the potential to Increase GDP contribution from present 3.4% to 8.2% in
2025
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