Govt clears electronics mfg proposals worth Rs 6,500 cr

The government has approved investment proposals worth Rs 6,500 crore from firms, including GE and Bosch, which want to manufacture electronic goods in the country.
"We have received 57 investment proposals of over Rs 19,000 crore, of which approval has been granted to 30 proposals worth Rs 6,500 crore," Telecom Minister Ravi Shankar Prasad told reporters here.
The companies which have come up with investment proposals include GE, Bosch, Nidec, Continental, Motherson Sumi, Calsonic Kansei, Tissol, Tata SED, Tejas, Panasonic and others.
Under Modified Special Incentive Package (MSIPS), government provides subsidy for investments in capital expenditure with a limit of 20 per cent for investments in Special Economic Zone (SEZ) and 25 per cent in non-SEZs.

The government is making efforts to boost electronics manufacturing in the country.
India imported telecom products worth Rs 69,516.37 crore in 2013-14 while exports of such items were at Rs 20,475.17 crore during the year, leaving a significant deficit of Rs 49,041.20 crore.
Prasad had earlier said that the government has opened up Electronic Development Fund worth billions of dollars to support electronics manufacturing in the country.