India electrifies $1bn fund

The government has approved an IT and electronics-focused fund and provided an initial $100m in capital.

The government of India has approved a Rs68.31bn ($1.02bn) fund of funds aimed at the electronics and IT sectors, with an initial capital commitment of Rs6.81bn, the Economic Times reported on Friday.

The fund will provide a further boost to investments in electronic manufacturing, which have seen an increase from $1.6bn in June 2014 to $19bn. India’s smartphone manufacturing capacity meanwhile has gone from 60 million in 2014-15 to 110 million devices in 2015-16.

Ravi Shankar Prasad, minister of law and IT, said: "With 72 new mobile handset and component manufacturing units set up in last two years, India has emerged as a mobile manufacturing hub. This includes 42 mobile manufacturing units and 30 component makers in the mobile phone segment.

"Value of mobile handsets produced in India has increased by 185% to Rs540bn in 2015-16 from Rs189bn in 2014-15. Next year, it is going to cross Rs900bn.”

See more from this Government Report: India

Back

Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.

Most read

  1. STT reinforces Armor with $89m investment

    April 06, 2017

  2. UK to review tax breaks

    April 03, 2017

  3. BDC helps accelerate Calgary startups

    April 13, 2017

  4. Tianjin City launches $17.4bn fund

    April 13, 2017

  5. Arralis appears on Hong Kong-based consortium’s radar

    April 05, 2017

Events

  • 23 May - 24 May, 2017

    GCV Symposium 2017 - London

    Join 400+ business leaders from the corporate venturing and wider high growth business ecosystem for the two-day 2017 GCV Symposium.

  • More Events