New Delhi: In a bid to make India a major hub of final assembly for Network Products (NP), the government on Saturday announced to unveil a detailed scheme soon to boost mobile phone, electronics equipment and semiconductor manufacturing in the country.
Paying heed to the suggestions made by the Economic Survey and various trade bodies such as the India Cellular and Electronics Association (ICEA), Finance Minister Nirmala Sitharaman said the aim is to further promote ‘Assemble in India’ initiative. “India needs to manufacture network products (NP). This will bring more investment and generate employment,” the Finance Minister said during the Budget presentation.
The Economic Survey 2019-20 has set out a framework using a Chinese model on how India can create more jobs. “By integrating ‘Assemble in India for the world’ into Make in India, India can create 4 crore well-paid jobs by 2025 and 8 crore by 2030. Exports of network products, which is expected to equal $7 trillion worldwide in 2025, can contribute a quarter of the increase in value-added for the $5 trillion economy by 2025,” said the survey.
A Modified Special Incentive Package Scheme (MSIPS) to promote aggressively a 20-odd component manufacturing ecosystem in the country that will go beyond making mobile phones could be on the anvil. According to the ICEA, the total production of mobile phones in India is projected to reach 350 million units, generating a value of Rs 2,25,000 crore in 2019. India also exported mobile phones worth Rs 11,200 crore in 2018-19. Sitharaman also announced ‘Nirvik’ scheme for digital refunds of duties to exporters, to be launched this year itself.