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
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