6 cos have applied for projs worth Rs 2K cr under M-SIPS: Sibal
New Delhi: The government has received six applications so far, entailing investments of about Rs 2,000 crore, under the Modified Special Incentive Package Scheme (M-SIPS) from companies such as Bosch Electronics and Samsung.
"We have received six applications so far (in manual mode), amounting to a total investment of around Rs 2,000 crore. I feel that in a year, the investment will be Rs 30,000 crore," Telecom Minister Kapil Sibal said at the launch of the portal for the Electronic System Design and Manufacturing (ESDM) sector.
Under the M-SIPS, the government will provide up to Rs 10,000 crore in benefits to the industry during the 12th Five Year Plan (2012-17) for promoting production of electronics products and components in India.
The scheme will provide subsidy for investments in capital expenditure with a limit of 20 per cent for investments in Special Economic Zone and 25 per cent in non-SEZs.
Under M-SIPS, investors will get reimbursement of Countervailing Duties and excise for capital equipment for units set-up outside SEZ.
The incentives will be given to investments made in a project within 10 years from the date of its approval.
The government has included 29 categories in ESDM sector that can avail benefit of this M-SIPS.
Emphasising upon the importance of online services, Sibal said corruption can be removed if delivery of essential services can be done digitally.
"The country has to move from the real world to the digital world," Sibal said.
Sibal also launched websites of National Institute of Electronics and Information Technology (NIELIT) and e-pass application (Electronic payment and application system for scholarships) in Himachal Pradesh and Tripura.