Government to announce new policy to encourage domestic manufacturing of mobile phones and electronic equipment
- The Finance Minister noted the cost advantage that India offers to companies.
- She also underlined that the electronics manufacturing industry has immense employment potential.
- The new policy is aimed at boosting investments in domestic manufacture of mobile phones, medical devices and other electronic equipment.
While presenting her second budget, Finance Minister Nirmala Sitharaman acknowledged that the electronics manufacturing industry has immense employment potential.
“Electronics manufacturing industry is very competitive, and India has shown its cost advantages. The potential of this industry in job creation is immense. India needs to boost domestic manufacturing and attract large investments in the electronics value chain,” the Finance Minister said.
She further revealed that the details of the new policy will be announced soon.
Sitharaman also noted that with suitable modifications to this policy, it would help in encouraging domestic manufacturing of medical devices as well.
While the FM did not mention the Make In India pledge in this announcement, the overall theme is to offer incentives to push companies to bring their manufacturing facilities to India. This would help India reduce its reliance on imports of electronics from China which stood at $23.24 billion in 2018, according to UN COMTRADE database.
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