[Budget 2020] FM announces scheme to boost domestic manufacturing of electronic goods

  • Industry News
  • Feb 01,20
Aim is to reduce reliance on Chinese imports of electronic components. FM also allocated Rs 8,000 cr for setting up National Mission on Quantum Computing to compete with US and China in this new field
[Budget 2020] FM announces scheme to boost domestic manufacturing of electronic goods

Mumbai

 

During her Budget speech, Finance Minister Nirmala Sitharaman proposed a scheme to encourage manufacturing of mobile phones, semi-conductor packaging and electronic equipment in the country. The scheme, the details of which will be released soon, can be used for manufacture of medical devices as well. China is the leading exporter of electronic goods and electronic components to India and India has been trying to reduce its reliance on Eastern neighbour for quite some time. The new scheme is another attempt in this direction. 
 
According to FM says there is cost advantage for electronics manufacturing in India. But this needs more investment and the proposed scheme intends to do that. 
 
The value of electronic equipment manufactured in the country has increased to Rs 4.58 lakh crore in 2018-19 from Rs 1.90 lakh crore in 2014-15. 
 
Yesterday (January 31, 2020) addressing a joint sitting of both Houses of Parliament, President Ram Nath Kovind said while there were only two companies manufacturing mobiles in India in 2014, today India is the second largest mobile manufacturing hub in the world.
 
The government is promoting manufacturing of mobile phones, TVs and other electronic devices, and National Policy on Electronics has been formulated in this regard.
 
Over the last few years, the government has been bullish on making India a manufacturing base for the world and has set a target to promote domestic manufacturing in the entire value-chain of ESDM (electronic system design and manufacturing) to achieve a turnover of $ 400 billion (Rs 26 lakh crore) by 2025.
 
Nirmala Sitharaman today also announced the allocation of Rs 8,000 crore for setting up of the National Mission on Quantum Computing and its applications. The invest, which will be made over the next five years, comes at a time when the world is making bets on the emerging field that has potential impact in areas such as cyber security in the future.
 
By focusing on Quantum Technology, India will compete with the US and China.
 

Related Stories

Other Industrial Products
India’s growing economy gets budget’s booster dose

India’s growing economy gets budget’s booster dose

The budget has laid down a blue print for achieving the objective of Atmanirbhar Bharat and sustainable development in the future. However, it will be important to look at the execution, on which th..

Read more
Electrical & Electronics
PLI scheme is a clear gamechanger for electronics sector

PLI scheme is a clear gamechanger for electronics sector

PG Electroplast, electronic components, Vikas Gupta, Promod Gupta, AC Component, PLI scheme, plastic components, washing machines, air conditioners, air coolers, LED televisions, plastic moulded com..

Read more

Related Products

Dc Fail Annunciator

ELECTRICAL & ELECTRONIC EQUIPMENT

<p>JVS Electronics Pvt Ltd offers a wide range of DC fail annunciator - JAV 017.<br></p> Read more

Request a Quote

Microprocessor Based Facia Annunciator 12 Window Jav 014

ELECTRICAL & ELECTRONIC EQUIPMENT

JVS Electronics Pvt Ltd offers a wide range of microprocessor based facia annunciator 12 window - JAV 014

Read more

Request a Quote

Kusam-meco Din Rail Mounting Power Meter - Model Km-cpm-12d

ELECTRICAL & ELECTRONIC EQUIPMENT

Kusam Electrical Industries Ltd offers wide range of Kusam-Meco din rail mounting power meter model KM-CPM-12D. Read more

Request a Quote

Hi There!

Now get regular updates from IPF Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Industrial News on Whatsapp! Enjoy

+91 84228 74016

Reach out to us

Call us at +91 8108603000 or

Schedule a Call Back