Extension of MSIPS would reduce imports: FIEO
Author(s): City Air NewsSays, it could help electronics manufacturing to occupy a place of pride in the export basket Ludhiana, July 23, 2015: Shri S C Ralhan, President, FIEO while commenting on the extension of capital subsidy scheme...
cityairnews
Jul 23, 2015 12:30
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Says, it could help electronics manufacturing to occupy a place of pride in the export basket
Ludhiana, July 23, 2015: Shri S C Ralhan, President, FIEO while commenting on the extension of capital subsidy scheme for electronics manufacturing firms by another five years to help the nascent industry to scale up domestic manufacturing to reduce dependence on imports stated that the extension of the Modified Special Incentive Package Scheme (MSIPS) is in line with import substitution and the Make in India campaign and also address the larger macro- economic parameters like a negative trade deficit.With the focus on manufacturing at present , the Scheme has attracted 32 proposals committing investment of Rs 9,000 crore in the last 14 months as against an investment of Rs 1369 crores since its inception in 2012, added President ,FIEO .
In a statement today, he added exports of Electronic integrated circuits/micro-assemblies (ITC (HS) Code 8542) is the 4th highest in dollar terms in 2014 and valued at US $ 5.08 trillion and approximately a third of the global exports. However, in India of the US$ 462.9 billion of imports in 2014 approximately $ 32 billion or 6.9% is electronics . Electronics sector does not figure in the top 20 product categories exported from India as against other Asian Countries such as Singapore which exported as much as US $ 83 .7 billion in 2014 of electronics goods and it constitutes about 24 .4% of the China’s export basket.
Further, he said with the extension given to Modified Special Incentive Package Scheme (MSIPS) by the Union Cabinet and the increasing interest as is evident from investments made in the last 14 months , Mr Ralhan said that electronics manufacturing may well occupy a place of pride in the export basket in times to come.
Date:
Thursday, July 23, 2015
