ECMS: Meity Approves 29 Projects With Rs 7,104 Crore Investment

(MENAFN- AsiaNet News)

The Ministry of Electronics and Information Technology (MeitY) has approved 29 applications under the fourth tranche of the Electronics Component Manufacturing Scheme (ECMS), involving a total investment of Rs 7,104 crore, the ministry said on Monday.

The approved projects are expected to generate 14,246 jobs and lead to an estimated production output of Rs 84,515 crore, according to an official statement.

Details of Approved Projects and Investments

The ministry said the latest approvals include India's first manufacturing facility for rare earth permanent magnets from rare-earth oxides, marking an important step towards strengthening domestic capabilities in critical electronic components.

Among the approved proposals, six applications in the capital goods segment account for investments worth Rs 1,683 crore, while two applications for display module sub-assembly manufacturing involve investments of Rs 1,350 crore.

In addition, one application for rare earth permanent magnet manufacturing has been approved with an investment of Rs 700 crore, marking the first such manufacturing initiative in the country using rare-earth oxides.

The ministry also approved four applications in the relays segment, involving an investment of Rs 554 crore, and one application for lithium-ion cells for digital applications, with an investment of Rs 500 crore.

ECMS Scheme Progress Towards Targets

According to the ministry, the ECMS scheme has already seen significant progress towards its overall targets. Against the ECMS investment target of Rs 59,350 crore, approvals so far have reached Rs 61,671 crore, the statement said.

The ministry added that approved projects under the scheme are expected to generate production worth Rs 4,51,858 crore, close to the scheme's target of Rs 4,56,500 crore.

The government aims to strengthen India's electronics manufacturing ecosystem by promoting domestic production of critical components and reducing import dependence. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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