MeiTY has recently extended the period for filing new application under Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors by another 1 year. This mean that the companies can now apply for a electronic manufacturing project till 31st March 2024 and the projects will be allowed to be completed by 31st March 2029 i.e. 5 years.
Key Features of the scheme are as under:-
1. Fiscal Incentives – 25% of the capital expenditure incurred by the companies for the manufacturing of listed electronic components.
2. Major Products Covered – Electronic components, semiconductor/ display fabrication units, ATMP units, specialized sub-assemblies and capital goods for manufacture of aforesaid goods. (Electronics Products such as Mobiles and Consumer Goods excluded)
3. Eligible Capex – Plant, Machinery, Equipment, Associated Utilities and Technology
including R&D (Land and Building excluded)
4. Eligible projects – Investments in new and expansion of capacity / modernization and diversification of existing units
5. Minimum Investment threshold – Ranges from INR 5 crore to 1,000 crore
The complete detail of SPECS scheme can be seen through the SPECS Presentation
The extension notification can been seen through Extension of SPECS scheme Notification
