The Union Minister for Communications & IT and Law and Justice Kapil Sibal has said that the Union government has approved investment proposals worth Rs 961 crore from Samsung, Bosch and Sahasra for setting up of electronic systems design and manufacturing (ESDM) facilities in the country. The proposals were received under the Department of Electronics and Information Technology’s Modified Special Incentive Package Scheme (M-SIPS), in which the government will provide up to Rs 10,000 crore in financial support to spur production of electronics products and components.
Kapil Sibal said that the government is trying to promote manufacturing to create employment and bring the latest technologies into the country. Under M-SIPS, the Department said it has already received investment proposals totalling close to Rs 4,600 crore for manufacture of consumer electronics, telecom products, hand-held devices, automotive electronics and semiconductors.
Bosch’s India unit has received approval for its Rs 544 crore investment programme in Bangalore to manufacture automotive electronics. Bosch, the first company to submit an application under M-SIPS, is expected to implement the project in the next three years.
Markus Hildenbrand, Managing Director, Bosch Automotive Electronics India said in statement that India is a fast developing market for automotive electronics. This support from the government bolsters the company's confidence and strengthens efforts to provide customised solutions for the Indian market, he said.