The Scheme for Promotion of manufacturing of Electronic Components and Semiconductors

Apr 09, 2020 | by Avantis RegTech Legal Research Team


Industry Specific Compliance

The Ministry of Electronics and Information Technology (MeitY) on April 01, 2020, has issued the Scheme for Promotion of manufacturing of Electronic Components and Semiconductors (SPECS). It is proposed to offer financial incentive of 25% of capital expenditure for the manufacturing of goods as per list annexed that constitute the supply chain of an electronic product under the SPECS. The capital expenditure will be total of expenditure in plant, machinery, equipment, associated utilities and technology, including for Research & Development (R&D).

The Scheme will help offset the disability for domestic manufacturing of components and semiconductors in order to strengthen the electronics manufacturing ecosystem in the country. The Scheme shall be applicable to investments in new units as well as expansion of capacity or modernization and diversification of existing units. It will be open for applications initially for 3 years from the date of its notification. The applications received under the scheme will be appraised on an ongoing basis and implementation will continue as per the approvals accorded under the scheme.

[Notification No. W-18/30/2019-IPHW-MeitY]

 


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