Millennium Post

Bosch, Samsung among 6 applicants for M-SIPS

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.
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