India's Rs480B incentives to boost electronics exports
UAE largest importer of Indian electronics goods within Middle East
India's allocation of Rs480 billion for the electronics industry will boost the country's exports, said Kamal Vachani, regional director of the Electronics and Computer Software Export Promotion Council (ESC), India's apex trade promotion organisation mandated to promote India's electronics, telecom and IT exports to global markets.
Vachani said: "The UAE is the largest importer of Indian electronics goods within the Middle East. As the country hosts the largest Indian diaspora, 'Made in India' electronics good are quite popular in the UAE. It is expected that more Indian companies will set-up base in the UAE for electronics goods manufacturing."
The Union Cabinet of India, chaired by Prime Minister Narendra Modi, on Saturday approved three key schemes to incentivise electronics and components manufacturing exports and production in the country.
The three schemes, with a total outlay of Rs480.42 billion, are expected to lead to investment to the tune of Rs20 trillion and employment opportunities for 2.5 million people over the next five to six years, Union Minister for Electronics and IT Ravi Shankar Prasad said during a briefing in New Delhi.
Vachani said the Rs480 billion allocation for five years under the Production Linked Incentive scheme will provide significant support to the electronics production in the country and help the industry to compete with China and Vietnam in manufacturing and increase the exports volume globally.
Exports of electronics goods in India increased by Rs83.81 billion in February 2020 from Rs72.90 billion in January 2020.
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