Government to offer financial support to electronics manufacturing clusters
04 Jul 2012
The union cabinet today approved a proposal to offer financial support for the development of electronics manufacturing clusters (EMCs), in an effort to give a big boost to electronics manufacturing in the country.
Electronics manufacturing clusters would provide world-class infrastructure for attracting investments in the electronics systems design and manufacturing sector.
EMCs would aid the growth of the electronics systems design and manufacturing (ESDM) sector, help development of entrepreneurial ecosystem, drive innovation and catalyse the economic growth of the region by increasing employment opportunities and tax revenues, an official release said today.
The proposed EMCs scheme would support setting up of both greenfield and brownfield EMCs. The proposed EMC scheme would provide assistance to a special purpose vehicle (SPV) which would be a legal entity duly registered for this purpose.
The SPV may be promoted by private companies, industry associations, financial institutions, R&D institutions, state or local governments or their agencies and units within the EMC.
The SPV should consider including an academic/research institution to be part of the proposed SPV for suitable academic-industry linkages.
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