New Delhi [India], August 17 (ANI): Approved investments under the government's Electronics Components Manufacturing Scheme (ECMS) have crossed the scheme's original target, reaching Rs 69,548 crore against the targeted Rs 59,350 crore, Ministry of Electronics and Information Technology (MeitY) Secretary S Krishnan said on Monday.
Speaking at an event on the fifth tranche of approvals under ECMS, Krishnan said the government has so far cleared 106 applications covering around 30 products across 15 states.
"We have already exceeded the investment target, original investment target under the scheme...was Rs 59,350 crore. Against that, we are doing already Rs 69,548 crore," Krishnan said.
Expected production from the applications approved under the scheme has also crossed the original target. According to the presentation made at the event, approved applications are expected to generate production worth Rs 5,34,101 crore, compared with the scheme's target of Rs 4,56,500 crore.
"Production, the expected targeted production was Rs 4,56,500 crore, but we've exceeded that and gone on to Rs 5,34,101 crore," the MeitY Secretary said.
Employment from applications approved so far is estimated at 74,628 persons, against the scheme's target of 91,600. "We are yet to reach the employment target, but we will reach that shortly," Krishnan said.
Under the fifth tranche announced on Monday, 31 applications were approved across more than 20 products. These applications involve investment of Rs 6,844 crore.
In addition, the proposed investment for manufacturing laminate by already-approved applicant Wipro Global has been increased by Rs 1,033 crore, taking the total investment covered by the latest approvals and investment enhancement to Rs 7,877 crore.
The fifth tranche is expected to result in production worth Rs 82,243 crore and employment for 9,588 people.
"We expect that these approvals will result in a total output or production of Rs 82,243 crore, and with an employment of close to 10,000 persons," Krishnan said.
The 31 applications approved in the latest tranche are spread across 10 states. The approvals cover products including capital goods, camera modules, display modules, anode material, enclosures, connectors, transducers, rare earth permanent magnets, optical transceivers, relays, antennas, capacitors, coils and filters, among others.
Krishnan said the latest approvals also broaden the electronics manufacturing ecosystem and deepen the value chain through approvals for raw materials such as acetylene black and electrolyte additives.
He called on the electronics industry to maintain the momentum as India works towards its broader electronics manufacturing ambitions.
"We call upon you to continue to cooperate with us in order to make sure that we are able to keep this momentum going and ensuring that in the electronics sector India becomes a leading manufacturer," Krishnan said.
He added that the effort was aimed at achieving the target set by Prime Minister Narendra Modi of USD 500 billion in electronics production by 2030. (ANI)
ECMS approved investments cross target, reach Rs 69,548 crore: MeitY Secy
