Overview

• The Union Cabinet has approved a ₹22,919 crore ($2.7 billion) scheme to incentivize local manufacturing of electronics components.
• The initiative is projected to generate ₹4.56 lakh crore ($53.5 billion) worth of electronics and attract ₹59,350 crore ($7 billion) in investments over six years.
• The scheme will provide subsidies of up to 50% of project costs, focusing on components such as display modules, lithium-ion batteries, and printed circuit boards.
• It is expected to create over 91,600 direct jobs and additional indirect employment, contributing to India's goal of a $500 billion electronics economy by 2030.
• India’s electronics production has grown significantly, with domestic output increasing from ₹1.90 lakh crore in FY 2014-15 to ₹9.52 lakh crore in FY 2023-24.