Tuesday, December 24, 2013: IT and Telecom Ministry’s proposal on the structure and functioning of special purpose vehicles (SPV) for implementing electronics manufacturing clusters has been cleared by the Finance Ministry. This was shared by a government official with PTI.
The official further told PTI, “The Finance Ministry has cleared special purpose vehicles proposal on electronics manufacturing clusters. The detailed guidelines will be notified by Department of Electronics and Information Technology next week.”
It was in July last year that the Cabinet approved the proposal to extend financial support for the development of EMCs.
Reportedly, the government will be providing financial assistance to EMCs via SPVs governing them. As far as the new EMCs are concerned, the assistance will be up to 50 per cent of the project cost subject to a ceiling of Rs 500 million for every 100 acre of land, NDTV reported. Coming to the brownfield EMCs, the assistance limit will be up to 75 per cent of the project cost, which will be subject to a ceiling of Rs 500 million.
