Investment proposals under Modified Special Incentive Package Scheme take a hit as firms exit
Domestic supply of electronics is already less than half of domestic dem#8743 and although it is growing at 16 per cent already, demand is growing much faster.
Government will give financial incentives to private companies to set up manufacturing units in India.
But it may come with a downside risk of further rise in prices of several products.
Narendra Modi might on Saturday ask the Apple CEO to make in India instead of importing and selling refurbished phones
It, however, does not manufacture devices on its own and rather does it through contract manufacturers.
Fast-moving consumer goods companies have begun assessing the impact of the rate structure declared on Thursday under the goods and services tax.
Govt announces slew of schemes for rural India
'The government expects demand for electronic products to reach $400 billion by 2023-24. This would be a huge foreign exchange outflow, which may further widen our trade deficit with other nations. Hence, the government plans to push local electronics manufacturing to cut down on their import bill.'
Apple and Samsung are international players and should work as a team with domestic companies to transform India into a global powerhouse: IT Minister Ravi Shankar Prasad.
Estimates suggest subsidy outgo on these proposals would be at least Rs 1,000 crore
For the past few weeks, the government has been in an overdrive, pushing stuck projects with the larger aim to improve the country's economic growth, which had fallen to a four-year low of 4.4 per cent in the first quarter of this financial year.
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