The scheme is key to India s ambitions to become a powerhouse in the global electronics supply chain, with the country targeting an annual output worth $300 billion by 2026.
The world s largest electric car producer Tesla Inc s chief Elon Musk met Prime Minister Narendra Modi in June in New York and after the meeting Musk had said that he planned to visit India in 2024.
The Union ministry of heavy industries is considering introducing a 50% domestic value addition (DVA) requirement and doing away with the phased manufacturing programme as part of its proposed FAME-III
Pli: The government plans to include more products in the textile sector such as man-made fibre and give firms an additional year to meet the manufacturing targets required to claim incentives for the scheme, the officials said. The scheme will also be extended by a year for the pharmaceuticals sector, while the financial allocation will be raised for incentive payouts to the production of drones to 3.3 billion rupees from the current 1.2 billion rupees, the officials added.
India is set to make amendments and widen certain regulations in five key sectors to enhance the utilization of its $24 billion industrial incentives, designed to promote domestic manufacturing, as confirmed by two government officials on Thursday.