Govt okays electronic projects worth Rs 6,500 cr

The government has cleared projects worth Rs 6,500 crore in the electronic manufacturing sector, proposals for which were received from major domestic and international players.

Firms such as General Electric, Bosch, Motherson Sumi and Tata Power SED made 57 proposals worth Rs 19,000 crore. Of these, the government has cleared 30.

Union IT and communications minister Ravi Shankar Prasad confirmed the figures.

Other companies which have applied include Nidec, Continental, Calsonic Kansei, Tissol, Tejas and Panasonic.

Under Modified Special Incentive Package (MSIPS), the government provides 20 per cent and 25 per cent subsidy for capital investments in special economic zones (SEZs) and non-SEZs, respectively.

In the 2013-14, India imported telecom products worth Rs 69,516.37 crore. This financial year, the figure went up to Rs 20,475.17 crore, leaving a deficit of Rs 49,041.20 crore. Prasad had earlier said the government has set up an Electronic Development Fund worth billions of dollars to support electronics manufacturing in the country.