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India plans ₹44,000-crore boost to become electronics powerhouse: Report
The task force is likely to recommend an allocation of ₹44,000 crore from 2024 to 2030, the report claimed.
Ministry of Electronics and Information Technology (MeitY) has set up a task force that is aimed at bolstering India's capabilities in electronic and semiconductor products, a report claimed. The task force is likely to recommend an allocation of ₹44,000 crore from 2024 to 2030, Business Standard reported. The aim is to support domestic companies in developing products and establishing global brands.
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As per the report, the taskforce is led by Ajay K Sood- principal scientific advisor to the government. It proposes substantial incentives: ₹15,000 crore for electronic products (systems), ₹11,000 crore for semiconductor products, and ₹18,000 crore for initiatives such as talent development, infrastructure, logistics, and technology acquisition, as per the report.
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The task force was established in January and includes prominent industry figures like Ajai Chowdhry, founder of HCL and chairman of EPIC Foundation, and Sunil Vachani, MD of Dixon Technologies, as per the report.
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It also aims to simplify business operations for global firms designing products in India and will likely propose strategies to manage and leverage standard essential patents (SEPs) to safeguard domestic companies as well. The report said that the taskforce will also identify 30 essential electronic products and 40 types of chips crucial for India's needs in order to result in a potential growth of the electronics market to $3 trillion by 2047, with exports targeting $1 trillion.
