India Inc hails extension of MSIPS by five years
Updated: Jul 24, 2015 12:18:10pm
New Delhi, July 24 (KNN) Industry bodies welcomed extension of Modified Special Incentive Package Scheme (MSIPS) by five years. The scheme which was announced on July 27, 2012 had validity period of three years and was due to expire on the July 26, 2015.
The Confederation of Indian Industry (CII) in a release said that the scope of the scheme has also been enhanced to cover more products and availing of the benefits has been made easier.
“We see this as an essential enabler for both 'Make in India' and 'Digital India' and we especially welcome the inclusion of new verticals such as electronic appliances,
multifunctional electronic devices and inputs such as liquid crystal modules", stated Chairman, CII National Committee on ICTE Manufacturing, Vinod Sharma.
To boost manufacturing of electronics items, the government had extended MSIPS by five years and also expanded the scope of the programme to cover 15 new product categories.
The decision was taken at the meeting of the Cabinet held recently, headed by Prime Minister Narendra Modi, to promote 'Make In India' and 'Digital India' initiatives.
Under the scheme incentives were extended to new electronics system design and manufacturing (ESDM) units and expansion and modernisation and diversification of the existing ESDM units.
CII observed that allowing the incentive from the date of submission application and also the quarterly disbursement of incentives against annually earlier, would result in faster implementation of the projects.
The extension of MSIPS would provide a big boost to attracting investments in the electronics design and manufacturing, it said.
Meanwhile, the Consumer Electronics and Appliances Manufacturers Association (CEAMA) has also welcomed government's move to extend M-SIPS by five year, saying it would act as a 'catalyst' for the growth of the sector.
Moreover, broadening of the scope of MSIPS to cover 15 new product categories, would trigger significant growth in the sector, CEAMA said.
The National Policy on Electronics aims to develop India as Electronics manufacturing hub catering to the domestic as well as international markets. An investment of USD 100 Billion is targeted by 2020 creating employment of about 28 million people. (KNN Bureau)
The Confederation of Indian Industry (CII) in a release said that the scope of the scheme has also been enhanced to cover more products and availing of the benefits has been made easier.
“We see this as an essential enabler for both 'Make in India' and 'Digital India' and we especially welcome the inclusion of new verticals such as electronic appliances,
multifunctional electronic devices and inputs such as liquid crystal modules", stated Chairman, CII National Committee on ICTE Manufacturing, Vinod Sharma.
To boost manufacturing of electronics items, the government had extended MSIPS by five years and also expanded the scope of the programme to cover 15 new product categories.
The decision was taken at the meeting of the Cabinet held recently, headed by Prime Minister Narendra Modi, to promote 'Make In India' and 'Digital India' initiatives.
Under the scheme incentives were extended to new electronics system design and manufacturing (ESDM) units and expansion and modernisation and diversification of the existing ESDM units.
CII observed that allowing the incentive from the date of submission application and also the quarterly disbursement of incentives against annually earlier, would result in faster implementation of the projects.
The extension of MSIPS would provide a big boost to attracting investments in the electronics design and manufacturing, it said.
Meanwhile, the Consumer Electronics and Appliances Manufacturers Association (CEAMA) has also welcomed government's move to extend M-SIPS by five year, saying it would act as a 'catalyst' for the growth of the sector.
Moreover, broadening of the scope of MSIPS to cover 15 new product categories, would trigger significant growth in the sector, CEAMA said.
The National Policy on Electronics aims to develop India as Electronics manufacturing hub catering to the domestic as well as international markets. An investment of USD 100 Billion is targeted by 2020 creating employment of about 28 million people. (KNN Bureau)
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