Government gets proposals worth Rs.1.10 lakh crore under MSIPS

The government on Friday said it has received investment proposals worth Rs.1.10 lakh crore in the past one year under the MSIPS electronics manufacturing scheme.

Ajay Kumar, additional secretary in the communications and information technology ministry, said: "Investment proposals worth Rs.1,10,000 crore have been received in the electronics sector in the last one year."

He was speaking at a conference on 'Make in India: Bright Prospects of LED Manufacturing' organised by the PHD Chamber of Commerce and Industry here.

Earlier, the government had extended the 'Modified Special Incentive Package Scheme' (MSIPS) by five years and also expanded the scope of the programme to cover 15 new product categories to boost manufacturing of electronics items.

The decision was taken at a cabinet meeting headed by Prime Minister Narendra Modi to promote 'Make In India' and 'Digital India' initiatives, sources said.

The demand for electronics in India is expected to reach $400 billion by 2020. The electronics sector has the potential to attract $100 billion investment and provide jobs to 28 million people.

The 15 new product categories included in the MSIPS are smart cards, consumer appliances (like washing machines, refrigerators, air conditioners), electronic product design, optical fibres and Internet of Things (IoT) products, among others.