Electronic goods imports rise 15% to Rs 2,25,600 cr in 2014-15

Total import of electronics goods grew over 15 per cent to reach an estimated Rs 2,25,600 crore in 2014-15 over the previous fiscal, Parliament was informed today.
"The total import of electronics goods during 2012-13, 2013-14 and 2014-15 (estimated) as per the figures of Directorate General of Commercial Intelligence and Statistics (DGCIS) was Rs 1,79,000 crore, Rs 1,95,900 crore and Rs 2,25,600 crore, respectively," Minister of Communications and IT Ravi Shankar Prasad said in a written reply to the Lok Sabha.
He added that the total production of electronic goods based on figures provided by the respective Electronics Industry Associations was Rs 1,64,172 crore, Rs 1,80,454 crore and Rs 1,90,366 crore during 2012-13, 2013-14 and 2014-15 (estimated), respectively.

"The comparison of total production with import of electronic goods suggests that the indigenous production of electronic goods is not sufficient to meet the domestic demand," he added.
The minister said the government has taken steps to promote domestic research and development of electronic products in the country.
An electronics development fund (EDF) has been set up as a 'Fund of Funds' to participate in professionally-managed 'Daughter Funds', which in turn will provide risk capital to companies in developing new technologies in electronics, nano-electronics and IT.

"The EDF will also help attract venture funds, angel funds and seed funds towards R&D and innovation in the specified areas. It will help create a battery of daughter funds and fund managers who will be seeking good start-ups (potential winners) and selecting them based on professional considerations," he said.

The government has appointed CANBANK Venture Capital Funds (CVCFL) as fund manager of the EDF.
The National Centre for Flexible Electronics (NCFlexE) at IIT Kanpur, the National Centre for Excellence in Technology for Internal Security (NCETIS) at IIT Bombay and the Centre for Excellence for Internet of Things at NASSCOM Bengaluru have been launched to promote Electronics System Design and Manufacturing (ESDM) in the country and develop national capability in ESDM, Prasad said.
The government also provides financial incentives to offset disability and attract investments in the electronics hardware manufacturing under its modified special incentive package scheme (M-SIPS).
"So, far 179 proposals with investment value of Rs 1,20,294 crore have been received under M-SIPS. Out of the total proposals received, 70 proposals with investment value of Rs 17,756 crore have been approved/recommended till date," Prasad added.