Union Cabinet on Wednesday approved the amendment in Modified Special Incentive Package Scheme (M-SIPS) to incentivise investments in electronic sector by cutting down the application window by about one and a half year to December 31, 2018, and capping the outflow at Rs 100 billion.
The previous amendment in M-SIPS in August 2015 had extended the scheme till July 27, 2020. “We have today amended MSIPS scheme. Now, proposals under MSIPS will be accepted till December 2018. Incentives of Rs 100 billion have been allowed. If investment is more than of $ 1 billion, then a high-powered committee presided by the Cabinet secretary will approve it,” said Law and IT minister Ravi Shankar Prasad.
The applications will be received under the scheme upto 31st December 2018 or till such time that an incentive commitment of Rs 100 billion is reached, whichever is earlier. In case the incentive commitment of Rs 100 billion is reached, a review will be held to decide further financial commitments.
By Baishakhi Dutta
