Confederation of Indian Industry welcomes extension of Modified Special Incentive Package Scheme (MSIPS) by five years. The scope of the scheme has also been enhanced to cover more products and availing of the benefits has been made easier, observed CII in a press release issued here.
The scheme which was announced on 27th July 2012 had validity period of three years and was due to expire on the 26th July 2015. Under the scheme incentives were extended to new electronics system design and manufacturing (ESDM) units and expansion/modernization and diversification of the existing ESDM units.
“We see this as an essential enabler for both ‘Make in India’ and ‘Digital India’ and we especially welcome the inclusion of new verticals such as electronic appliances, multifunctional electronic devices and inputs such as liquid crystal modules”, stated Mr Vinod Sharma, Chairman, CII National Committee on ICTE Manufacturing.
In a release issued here today, CII observed that allowing the incentive from the date of submission application and also the quarterly disbursement of incentives against annually earlier, would result in faster implementation of the projects.
The caims to develop India as Electronics manufacturing hub catering to the domestic as well as international markets. An investment of USD 100 Billion is targeted by 2020 creating employment of about 28 million people.
The extension of MSIPS would provide a big boost to attracting investments in the electronics design and manufacturing, the CII release said.