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Cabinet greenlights Rs 23,000 crore e-parts production scheme
Economic Times
·
4m ago
Medial
The Indian Cabinet sanctioned a Rs 23,000-crore scheme to boost the electronics manufacturing supply chain, targeting domestic production and global integration over six years. It aligns with India's 'China Plus One' strategy, aiming to create 91,600 direct jobs and entice Rs 60,000 crore in investment. The program offers different incentives for assembly and component manufacturing to enhance technological capabilities. Industry leaders welcomed it as a step towards bolstering the electronics system design and manufacturing (ESDM) ecosystem.
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Decoding MeitY’s Rs 23,000 crore electronics production scheme
Economic Times
·
4m ago
Medial
The Ministry of Electronics and Information Technology (MeitY) in India announced a Rs 23,000 crore Electronics Component Manufacturing Scheme. This initiative aims to enhance domestic production of electronic components and subassemblies, positioning India as a significant player in the global electronics value chain. The scheme outlines key provisions and clauses to support and encourage local manufacturers, fostering growth and development in the electronics sector within the country.
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Cabinet approves “PM-eBus Sewa”scheme to deploy 10,000 electric buses across cities
IndianStartupNews
·
1y ago
Medial
The Union Cabinet has approved the "PM-eBus Sewa" scheme, aiming to add 10,000 electric buses to city transportation through a public-private partnership. With an estimated cost of Rs. 57,613 crore, the scheme receives Rs. 20,000 crore central government support, operating for a decade. Prioritizing cities with populations over 3 lakh, it creates jobs and promotes green mobility, encompassing e-buses and related infrastructure.
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Over 3 crore jobs coming soon: Cabinet approves ELI scheme with an outlay of Rs 99,446 cr
Economic Times
·
1m ago
Medial
The Union Cabinet has approved the Employment Linked Incentive (ELI) Scheme with an outlay of Rs 99,446 crore to create over 3.5 crore jobs in India, primarily focusing on the manufacturing sector. The scheme has two parts: incentivizing first-time employees and rewarding employers for sustained new hiring. It aims to enhance formal workforce inclusion and is expected to offer financial literacy and savings benefits to employees, alongside direct monetary incentives for employers.
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PLI scheme for auto sector sees investment proposals worth Rs 67,690 Cr: Eco Survey
YourStory
·
1y ago
Medial
The production linked incentive (PLI) scheme in the automobile and auto components sector has attracted proposed investments of Rs 67,690 crore, according to the Economic Survey 2023-24. By March 2024, a capital of Rs 14,043 crore has been invested, generating 28,884 jobs. So far, 85 applicants have received approval under the scheme, which has a budgetary outlay of Rs 25,938 crore from FY23 to FY27. The survey also highlighted a moderate growth in the domestic production and consumption of automotive parts in recent years, with passenger vehicles rebounding quicker from the pandemic than other segments.
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India to decide on rare earth magnet subsidy scheme within 20 days: Kumaraswamy
Economic Times
·
1m ago
Medial
The Indian government will decide on a subsidy scheme for domestic production of rare earth magnets in 15-20 days, said Union Minister H D Kumaraswamy. Discussions with stakeholders are underway to determine the subsidy amount. A subsidy exceeding ₹1,000 crore requires Union Cabinet approval. A scheme valued at ₹3,500-5,000 crore is being finalized to boost rare earth mineral and magnet production, aiming to reduce reliance on Chinese imports and enhance local manufacturing capabilities.
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H D Kumaraswamy tells automakers to follow PM E-DRIVE norms
Money Control
·
9m ago
Medial
Union Minister H.D. Kumaraswamy has urged automakers to adhere to the guidelines of the new PM E-DRIVE scheme, which provides incentives for electric vehicle production. This comes after controversy surrounding the FAME-II scheme, where some companies were accused of violating regulations to receive fiscal incentives. The government recently launched the PM E-DRIVE scheme with an outlay of Rs 10,900 crore to accelerate EV adoption and develop the EV manufacturing ecosystem in India. The scheme will be implemented from October 2024 to March 2026 and will replace the EMPS-2024 scheme.
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Fool-proof mechanism in place to implement employment linked incentive scheme: Labour Ministry
Economic Times
·
1m ago
Medial
The Labour Ministry has established a robust digital mechanism to implement the Rs 1.07-lakh crore Employment Linked Incentive (ELI) scheme, designed to generate 3.5 crore jobs over two years. The scheme, approved by the Union Cabinet, utilizes social security systems managed by EPFO. It aims to support employers by covering contributions related to new hires. The ELI scheme, which offers benefits for first-time employees and incentivizes job creation, has a total budget of Rs 2 lakh crore.
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Union minister Piyush Goyal highlights Rs 3 lakh crore schemes for research, employment, and startups - The Economic Times
Economic Times
·
1m ago
Medial
Union Minister of Commerce and Industry, Piyush Goyal, announced initiatives aimed at boosting research, innovation, employment, and startups in India, following a Rs 3 lakh crore scheme approved by the Union Cabinet. This includes a Rs 1 lakh crore scheme for research and development, and a Rs 2 lakh crore incentive for employment generation. Goyal highlighted Bengaluru's thriving tech ecosystem and praised efforts in the tech and global capability sectors, while addressing national security concerns.
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Cabinet approves employment-linked incentive (ELI) and research development and innovation (RDI) schemes
Economic Times
·
1m ago
Medial
The Indian union cabinet has approved an Rs 99,446 crore Employment Linked Incentive (ELI) scheme focusing on formal job creation, aiming to generate over 35 million jobs in two years. Targeting the manufacturing sector, the scheme encourages first-time job seekers by offering incentives to both employees and employers. A Rs 1 lakh crore Research Development and Innovation (RDI) scheme was also sanctioned to promote private sector investment, alongside infrastructure upgrades and the new National Sports Policy, 2025.
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Bihar to get six new airports, cabinet gives key approval
Economic Times
·
1m ago
Medial
The Bihar cabinet has approved the development of six new airports in Madhubani, Birpur, Munger, Valmiki Nagar, Muzaffarpur, and Saharsa under the UDAN scheme by the Airports Authority of India (AAI). A budget of Rs 150 crore has been allocated, with Rs 25 crore for each airport. Additionally, a five-star hotel near Patna's Income Tax Golumber will be constructed through a public-private partnership. The cabinet also addressed issues such as agricultural support prices and staffing guidelines.
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