SPECS

Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS)

The vision of National Policy on Electronics 2019 (NPE 2019) is to establish India as a prominent global hub for electronic components manufacturing. This vision is built upon a foundation of several strategic scheme/policy that collectively contribute to achieving this goal.

The Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) is one of the several scheme that has been notified on April, 2020 with an aim to strengthen the value chain for the manufacturing of electronic products in India. As electronic components in India is expected to be around $200 bn by 2025.

Under the scheme, financial incentives of 25% will be provided on capital expenditure (on a reimbursement basis) in new units and expansion/ modernization/ diversification of existing units.

Incentives of up to INR 3,285 crore will be awarded under the Scheme over a period of 5 years.

Target Segments:

  • Electronic Components
  • Semiconductors
  • ATMP
  • Specialized Sub-Assemblies and Capital Goods for these items


Recent developments:

  • Government has approved 34 applications with total project cost of INR 11,1187 as of March 23.
  • India has emerged as the second largest manufacturer of mobile handsets in the world
  • Application window has been extend for one year i.e upto 31st March 2024

Tenure: 4 years of filing application; Investments made within 5 years from the date of acknowledgment will be eligible for receiving incentive

Scheme Details: https://specs.ifciltd.com/