Karnataka: Centre approves Rs 180 cr project to set up Electronics Manufacturing Cluster at Hubli-Dharwad region
Bengaluru/IBNS: The Centre has approved Rs 180 crore worth of Electronics Manufacturing Cluster (EMC) at Karnataka’s Dharwad which is expected to create over 18,000 jobs, Union Minister Rajeev Chandrasekhar said on Friday.
The project, which is being set up at Kotur-Balur Industrial Area in Dharwad District of Karnataka under the EMC 2.0 scheme, is expected to catalyse investments to the tune of over Rs 1,500 crore soon, said Chandrasekhar, who is the minister of state for Skill Development & Entrepreneurship, and Electronics & IT.
Nine companies, including start-ups have already committed to make investment of Rs 340 crore with employment potential of 2,500 people.
“Karnataka is emerging as a global Electronics manufacturing hub for the world, just as it is already a telecom hub with Apple plants in Kolar (Wistron) and Devanahalli (Foxconn). These new investments are creating jobs and development,” the minister said.
This EMC has a strategic locational advantage and is well connected with NH -48 (1 Km), and Hubli Domestic Airport (33 Km) which will reduce the logistics/ transportation cost of the industry in the EMC, he highlighted.
The Centre has already approved a Common Facility Centre (CFC) for the development of an advanced testing facility in Mysore, Karnataka that will meet the various testing requirement of the industry.
The Modified Electronics Manufacturing Cluster (EMC 2.0) scheme was introduced on 1st April 2020 with the objective to create world-class infrastructure along with common testing facilities, including Ready Built Factory sheds/Plug & Play infrastructure for attracting Anchor unit along with their supply chain to set up their manufacturing/production facility in the country.
Under the Scheme, three Electronics Manufacturing Clusters over an area of 1,337 acres with project cost of Rs 1,903 crore, including Central financial assistance of Rs 889 crore have been approved which projected investment target of Rs 20,910 crore, Chandrasekhar said.
As a result of these initiatives, India has come a long way in electronics manufacturing in the past eight years, the minister added.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
India's INS Sutlej arrives in Mauritius to undertake 18th Joint Hydrographic Survey
Kenya Navy Commander Major General Paul Owuor Otieno visits Southern Naval Command in Kochi
Indian Navy's stealth frigate INS Trikand visits Italy
Mandaviya meets Indian diaspora in Malaysia, highlights the role they are playing in realising Viksit Bharat 2047
