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

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The firms that have been shortlisted for incentives by the government of India for the manufacturing their products have invested Rs.3585 crore in 72 projects till September.

Minister of State for Electronics and IT Alphons Kannanthanam said, “According to 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),”

He also said the government has approved 134 applications under Modified Special Incentive Package Scheme (MSIPS) till date in a written reply to the Lok Sabha.

The subsidy for capital expenditure provided under MSIPS scheme is, 20% for investments in special economic zones (SEZs) and 25% 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 stated.

The highest investment of Rs.1034.31Cr has been made Maharashtra which produced 3643 employments (direct & indirect).  However, the investment of Rs.254.46 Cr in Tamil Nadu generated highest employments of 8671.

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Jatin Bhatia, From ITvoir News Desk

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