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

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