Electronics and IT Minister Ashwini Vaishnaw handed over approvals to companies under the Electronics Component Manufacturing Scheme (ECMS) in New Delhi today. A total of 29 applications have been approved, with an investment of over seven hundred and one crore rupees. This is expected to create employment for more than 14,200 people. These projects are expected to generate production of more than 84,500 crore rupees.
Speaking to the media, Mr. Vaishnaw stated that there are now 75 projects approved under the ECMS program with an investment of 61,000 crore rupees. He added that out of these approved projects, 28 have already begun construction. Mr. Vaishnaw also said that these projects are expected to generate approximately 65,000 direct jobs in the country.
The Minister also called it a significant milestone in the country's electronics manufacturing journey. He said that under the approvals, the project for the first rare-earth permanent magnet has also been approved. He further noted that in a comprehensive manner of developing the electronics industry, the country today has reached a level where it is able to manufacture finished products, modules, sub-modules, and now components.
The ECMS scheme aims to develop a robust component ecosystem by attracting large investments (global/domestic) in the electronics component manufacturing ecosystem, increasing Domestic Value Addition (DVA) by developing capacity and capabilities, and integrating Indian companies with Global Value Chains (GVCs).
