Context:
The Union Cabinet has approved Scheme for Promotion of the manufacturing of Electronic Components and Semiconductors.
About SPECS
- The scheme aims to offer the financial incentive of 25% of capital expenditure for the manufacturing of goods that constitute the supply chain of electronic products.
- The scheme will help offset the disability for domestic manufacturing of electronic components and semiconductors in order to strengthen the electronic manufacturing ecosystem in the country.
Benefits
- If Implemented it will lead to the development of electronic components manufacturing ecosystem in the country.
Outputs/Outcomes:
- Development of electronic components manufacturing ecosystem in the country and deepening of
- New investments in Electronics Sector to the tune of at least Rs. 20,000 crore
- Total employment potential of the scheme is approximately 6,00,000
- Reducing dependence on import of components by large scale domestic manufacturing that will also enhance the digital security of the nation
