Monday, September 02, 2013: As per the latest news, the government has already received 19 proposals for investment in the hi-tech electronics sector and is worth more than Rs 110 billion. The proposals have come in from a range of sectors including mobile phone manufacturing, which are currently heavily dependent on imports.
The proposals for the investment are from both domestic and foreign companies. For the production of mobile phones alone, the Indian government has already received Rs 67440 million worth plans including proposals from some existing manufacturers who are keen on enhancing their production facilities.
As per the statistics, in 2012-13 more than Rs 258 billion was imported. Ajay Kumar, the Joint Secretary with DEITY said in an interview to PTI that the investment proposals received till date have already reached an amount of Rs 1,10,380 million including both domestic and foreign firms.
Kumar added that the response shows that the new electronics policies have been accepted positively by the firms and that huge step could be taken towards creating a good eco-system for electronics manufacturing. The DEITY had received an investment proposal amounting to Rs 45950 million in June and more flowed in worth Rs 64 billion within the first six weeks.
Kumar said that one good thing about the declining rupee is that the domestic manufacturing is getting more competitive. The DEITY however declined to disclose the names of the investors who showed interest in the project. The government also has receives fresh proposals from solar products and automotive electronics manufacturing worth Rs 410 million and 680 million respectively.
