This is how Modi govt is set to open gates for global investors in electronics manufacturing

Ministry of Electronics and IT plans to strengthen the single window clearance for global investors to attract more companies in electronics manufacturing in India. The ministry plans to handhold foreign firms till manufacturing unit becomes functional, according to the draft of the new policy, formulated to make the country import free in next couple of years apart from making India a global hub for electronics manufacturing.

The demand for electronics hardware is expected to reach $400 billion by 2023-24 which is why there is a huge push from the government for domestic manufacturing of electronics hardware and design in the electronics segment.

The single window clearance for investors will be strengthened for facilitation of investment in electronics system and design manufacturing (ESDM) sector as a one-stop shop for facilitation of investments/ businesses, coordination with the state governments, establishment of joint ventures, obtaining speedy approvals by coordinating with the concerned government agencies on behalf of the investors and hand-holding them till the manufacturing unit becomes functional, according to the draft policy.

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A senior official from the ministry of electronics and IT says one of the main objectives of the new policy is to attract global manufacturers to the Indian market.

Source: DNA Money Correspondent