The Union Cabinet has approved Production Incentive Scheme for Large Scale Electronics Manufacturing. To boost domestic manufacturing and to attract large investments in mobile phone manufacturing, the Government of India has proposed production linked incentives through Production Incentive Scheme. Government will invest Rs 20 lakh crore in this sector to provide employment to 25 lakh people in next 5 years. It has also approved financial assistance to the Modified Electronics Manufacturing Clusters Scheme (EMC2.0) for development of world class infrastructure through Electronics Manufacturing Clusters.
Some other key approvals of the Union Cabinet are:
- The Cabinet has also approved the scheme to promote Bulk Drug Parks to finance Common Infrastructure Facilities with financial implication of Rs 3,000 crore for next 5 years. This scheme aims to reduce manufacturing cost of bulk drugs in India and its dependency on other countries for bulk drugs.
- To promote domestic manufacturing of critical Key Starting Material/Drug Intermediates and Active Pharmaceutical Ingredients (APIs) in India, the cabinet has approved Production Linked Incentive Scheme with financial implications of Rs 6,940 crore for next 8 years.
- To reduce the burden on secondary and tertiary health care facilities, the Cabinet has approved the inclusion of AYUSH Health and Wellness Centres component of Ayushman Bharat in National AYUSH Mission.