Union cabinet Approves Electronics Element Production Scheme With Funding Of Rs 22,919 Crore
The Union cabinet on friday authorized the Electronics Aspect Production Scheme with a funding of Rs.22,919 crore to make india "atmanirbhar" within the electronics delivery chain.
Briefing journalists after an assembly of union cupboard, facts, and Broadcasting minister Ashwini Vaishnaw stated this scheme pursues to broaden a robust thing atmosphere with the aid of attracting massive worldwide and domestic investments in electronics component manufacturing surroundings, growing home price addition (DVA) by means of developing ability and competencies, and integrating indian businesses with worldwide price chains.
The meeting of the Union cabinet changed to being chaired by prime minister Narendra Modi. The scheme envisages attracting investment of Rs. 59,350 crore, ensuing in the production of Rs. 456,500 crore and producing extra direct employment of 91,600 men and women and lots of oblique jobs as nicely during its tenure.
Electronics is one of the highest-traded and fastest-growing industries globally and is expected to play a pivotal role in shaping the worldwide economy and advancing a country's monetary and technological development.
Union cabinet approves electronics aspect production scheme: What's greater?
The domestic production of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital goods has elevated from Rs. 1.90 lakh crore in FY 2014-15 to Rs. 9.52 lakh crore in FY 2023-24 at a CAGR of more than 17%. The exports of electronic goods have additionally elevated from Rs. 0.38 lakh crore in FY 2014-15 to Rs. 2.41 lakh crore in FY 2023-24 at a CAGR of more than 20%.
Projections indicate that India's electronics production will attain USD three hundred billion by 2026. india has made enormous progress in cellular and electronics manufacturing and ended up as the world's second largest mobile producer.
In 2014, india had only two cell manufacturing units; however, fast-forward to today, the nation boasts over 300 production units, underscoring a big enlargement of this essential zone.
In 2014-15only 26, in keeping with the cent of the mobile phones that were being sold in india, have been made in India; the rest have been imported. Over 99 percent of all cell phones that might be sold in india are made in India.
The manufacturing value of cell phones has surged from Rs 18,900 crore in FY14 to a dazzling Rs 42,200 crore in FY24. More than 325 to 330 million cellular phones a year are being manufactured in india, and on average there are about 1000000000 mobile telephones in use in India. The exports, which had been almost non-existent in 2014, have now passed Rs 1,29,000 crore.
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