Aimed at positioning India as a global manufacturing hub, Finance Minister Arun Jaitley today announced increase in allocations towards schemes like Modified Special Incentive Package Scheme (M-SIPS) and Electronic development Fund (EDF) to Rs 745 crore in 2017-18. “We are also creating an ecosystem to make India a global hub for electronics manufacturers. Over 250 investment proposals for electronics manufacturing has been received in the last 2 years, totalling an investment of Rs 1.26 lakh crore,” Jaitley said while presenting Union Budget 2017-18 in the Lok Sabha.
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A number of global leaders and mobile manufacturers have set up production facilities in India, he added. “I have therefore exponentially increased the allocation and incentives of schemes like Modified Special Incentive Package Scheme (M-SIPS) and Electronic Development Fund (EDF) to Rs 745 crore in 2017-18, this is an all-time high,” he said.