The Electronic Component Manufacturing Scheme’s application deadline is probably going to be extended by the national government.
The Electronic Component Manufacturing Scheme (ECMS) application deadline is probably going to be extended past July by the national government.
Official sources told Moneycontrol on Thursday that the government is keeping a careful eye on the current applications and that “we have had a healthy response to the plan so far and are considering extending the deadline by a short period.”
The goal of the Rs 23,000-crore ECMS plan, which was introduced on May 1, is to close the gap between supply and demand in the electronic component market. Ashwini Vaishnaw, the minister of information and broadcasting, had stated in May that the program received 70 applications in the first 20 days alone.
According to individuals who spoke to Moneycontrol, major industry companies like Foxconn, Dixon Technologies, and Tata Electronics have expressed interest in taking part.
An official statement issued on March 28 states that the program’s goals are to integrate Indian companies into global value chains (GVCs), increase local value addition, and draw in significant foreign and domestic investments.
Over its duration, the ECMS is anticipated to generate production of Rs 4,56,500 crore, target investments of Rs 59,350 crore, and create 91,600 direct jobs in addition to a large number of indirect employment opportunities.
