Government hikes allocation to incentivise electronics manufacturing

New Delhi: Aiming to make India a global electronics manufacturing hub, the government in its Budget 2017-18 on Wednesday hiked the allocation for Modified Special Incentive Package Scheme (M-SIPS) and the Electronics Development Fund to Rs 745 crore -- "an all-time high".

"A number of global leaders and mobile manufacturers have set up production facilities in India. I have therefore exponentially increased the allocation for incentive schemes like M-SIPS and EDF to Rs 745 crore in 2017-18. This is an all-time high," Finance Minister Arun Jaitley said while presenting Union Budget 2017-18.

"We are also creating an eco-system to make India a global hub for electronics manufacturing. Over 250 investment proposals for electronics manufacturing have been received in the last two years, totalling an investment of Rs 1.26 lakh crore," he added.