Union Cabinet has approved financial assistance to the Modified Electronics Manufacturing Clusters Scheme for development of world class infrastructure along with common facilities and amenities through Electronics Manufacturing Clusters.

Briefing media in New Delhi this afternoon, Union Minister Ravi Shankar Prasad said that the government also approved Production Incentive Scheme for Large Scale Electronics Manufacturing.

The scheme proposes production linked incentive to boost domestic manufacturing and attract large investments in mobile phone manufacturing and specified electronic components.

The Minister said, the government will emphasize on mobile and component manufacturing in India. He stated that the Centre will invest Rs 20 lakh crore in this sector which will provide employment to 25 lakh people in next five years.

The Cabinet also gave its nod to scheme on Promotion of Bulk Drug Parks for financing Common Infrastructure Facilities in three Bulk Drug Parks with financial implication of Rs 3,000 crore for next five years.

Bulk Drug Park Scheme is expected to reduce manufacturing cost of bulk drugs in the country and dependency on other countries for bulk drugs.

Production Linked Incentive Scheme for promotion of domestic manufacturing of critical Key Starting Material/Drug Intermediates and Active Pharmaceutical Ingredients, (APIs) in the country with financial implications of Rs 6,940 crore for next eight years also got approval.