Electronic items are the 3rd largest imported goods, with an estimated expenditure of $200 billion by 2022. It shows the electronic goods industry’s unevolved condition to fulfil the domestic demand.
Therefore, Ministry of Electronics & Information Technology launched the Modified Special Incentive Package Scheme. This scheme aims to encourage extensive manufacturing in Electronics System Design and Manufacturing.
Keep reading to know further about this scheme.
M-SIPS provides a subsidy to invest in the expenditure of electronic goods manufacturing. Indian Government launched this scheme in July 2012.
Initially, it was accepting applications till 26th July 2015. However, our Government decided on 30th January 2017 to extend this scheme’s tenure till 2018.
The objectives of this scheme are as follows -
Below are some salient features of the Modified Special Incentive Package Scheme:
The benefits of this scheme are as follows -
Followings are the eligibility criteria to apply for Modified Special Incentive Package Scheme:
The applicants must submit their application forms under M-SIPS online on the official portal of e-MSIPS. The Department of Electronics and Information Technology will approve the qualified application within 120 days of submission.
The application fee structure as per project costs for this scheme are as follows -
|
Project Cost |
Initial application fee (INR) |
|
Below 10 crores |
₹ 10,000 |
|
10 to 100 crores |
₹ 25,000 |
|
100 to 1000 crores |
₹ 50,000 |
|
Over 1000 crores |
₹ 1,00,000 |
Note: Application fees are non-refundable after submitting the application.
The applicants must provide the following details in their application -
Modified Special Incentive Package Scheme successfully strengthened “Make in India” and “Digital India” programs.
Our Government allowed receiving the incentives quarterly instead of annually to avail the benefits efficiently. Such amendments of our Government successfully brought investment to the Electronics System Design & Manufacturing.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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