Companies invested Rs 3,585 crore in 72 electronics manufacturing projects

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Electronic firms shortlisted for incentives by the government for manufacturing their products in India have invested Rs 3,585 crore in 72 projects up till September this year, Parliament was informed on Wednesday.

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According to PTI, Minister of State for Electronics and IT Alphons Kannanthanam said “As per the reports provided by the applicants approved under MSIPS, as on 30-09-2017, a total of Rs 3,585 crore has been invested in 72 projects resulting in employment generation of 27,804 persons (direct and indirect).”

In a written reply to the Lok Sabha, he said the government has approved 134 applications under Modified Special Incentive Package Scheme (MSIPS) to date.

The MSIPS scheme provides a  subsidy for capital expenditure — 20 percent for investments in special economic zones (SEZs) and 25 percent in non-SEZs.

“So far, under the MSIPS scheme, incentives of Rs 122.06 crore have been disbursed to the 11 applicants, out of which, the capex subsidy is Rs 113.94 crore and tax reimbursement is Rs 8.13 crore,” Kannanthanam said.

Out of the total, highest investment of Rs 1,034.31 crore has been made in Maharashtra generating 3,643 direct and indirect employment. The investment of Rs 254.46 crore in Tamil Nadu created highest employment of 8,671 people under the scheme.

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