India can provide export incentives for 10 more years under the WTO, says Sibal
GN Bureau | January 21, 2013
Of late, government unfolded a policy framework for creating an ecosystem of Electronics System Design and Manufacturing (ESDM) in the country. The new policy has been formulated to cover sectors like avionics, automotive electronics, medical electronics, LEDs.
Speaking at a roundtable on ESDM, Sibal said that while the policy framework has been created, several steps need to be taken to enhance ease of business and reduce transaction costs. He said that the government has provided for a time line for approving all projects under the modification of special incentive package scheme (MSIPS).
During the industry meet, Sibal also received the first MSIPS application of over Rs 550 crore investment from Bosch Electronics India.
"India’s market and human resources will be huge determinants of this century. The demographic profile of the world will increasingly move greater and greater economic activity to India," Sibal said.
He pointed out that we are in the process of developing a scheme to scale up the number of PhDs in the country in the electronics sector, the target being to reach 2500 PhDs per annum by 2020.
He exhorted the participants that there is also a huge opportunity to export from India. India can provide export incentives for 10 more years under the WTO. "Use that opportunity and export from India," he urged the industry leaders.
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