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Rs 1 lakh crore electronics manufacturing proposals for India: Prasad

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New Delhi: Communications and Information Technology Minister Ravi Shankar Prasad revealed India has received Rs 1,00,000 crore in the last fifteen months as investment proposals for electronics manufacturing in the country,  said on Thursday.

“I am happy to announce that in the last fifteen months, investment proposals worth Rs 104,000 crore have been received for electronics manufacturing in the country,” Prasad said at an International Chamber of Commerce event here supported by industry chamber FICCI.

Ravi_Shankar_Prasad_At_OfficeThe proposals come from various companies for electronics manufacturing under the Modified Special Incentive Package Scheme (MSIPS).

The scheme, originally approved by the government in 2012, provides capital subsidy of 20 percent in special economic zones (SEZ) or 25 percent in non-SEZ units engaged in manufacturing of electronics items. In July, the NDA government extended the MSIPS policy by five years.

In the recent period, global majors like Xiaomi and Motorola, along with Lenovo, commenced assembling smartphones in the country through contract manufacturing by Foxconn and Flextronics respectively.

“The Make in India programme evolved out of the initiatives taken for electronics manufacturing. When I assumed charge as minister last year, there were only two electronics clusters in the country. Now there are 20,” Prasad said.

He pointed out that the Digital India programme was transformational and designed to bridge the divide between the “digital haves and have-nots”.

“The common man is using digital technology for doing business and for his empowerment. In the prime minister’s scheme of things, Digital India is for the poor and the underprivileged,” he said.

“Digital India is politics neutral, ideology neutral, centre-state neutral. It is India positive,” he added.

(IANS)

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Walmart, Flipkart Jointly Invest in Ninjacart Startup: Report

Based in Bengaluru, Ninjacart was founded in 2015 by Thirukumaran Nagarajan, Kartheeswaran K. K., Ashutosh Vikram, Sharath Loganathan and Vasudevan Chinnathambi

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Walmart in Fajardo, Puerto Rico. Wikimedia Commons

Walmart and its Indian arm Flipkart on Wednesday jointly invested in fresh produce supply chain startup Ninjacart, to modernise fresh produce market to benefit consumers, retailers and farmers.

“As a homegrown e-commerce company, it is in our DNA to drive change and solve complex local problems in-house through technology. In Ninjacart, we see a company that shares our values, our pioneering mindset and our commitment to tech-driven innovation that improves life in India,” said Flipkart Group chief executive Kalyan Krishnamurthy in a statement.

With the new agreement, Walmart, Flipkart and Ninjacart aim to offer better access of high quality fresh produce to more retailers and consumers in the country even as they economically empower farmers.

Ninjacart offers business to business (B2B) supply chain infrastructure and technology solutions with traceability feature.

The startup deploys sophisticated supply chain algorithms, harvesting big data, predictive analytics, mobile applications and internet of things (IoT) to propel a just in time supply chain, connecting farmers, retailers, 200 collection centres and 1,200 warehouses throughout India.

Operating paperless, Ninjacart transports up to 1,400 tonnes of fresh produce in a day, forming a link between 44,000 farmer suppliers, 60,000 kirana stores and restaurants.

Ninjacart helps reduce the transit time of produce from farms to store at ambient temperature, slashing cost and lessening food waste in India which lacks cold chain infrastructure.

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Shoppers walk in the parking lot of a Walmart store in Fairfax, Virginia. (Photo: Diaa Bekheet). VOA

With the freshly infused funds, Ninjacart will expand its customer base, geographical reach and learn global best practices to better local fresh produce ecosystem.

Additionally, partnering with Ninjacart will bolster sourcing for Walmart’s Best Price B2B cash and carry stores and Flipkart’s direct online grocery business Supermart.

Krish Iyer, president and chief executive of Walmart India said, “Ninjacart’s focus on direct-from-farm sourcing resonates well with Walmart’s commitment to supporting farmers in India.”

Also Read: YouTube Wants US Government to Clarify Child Privacy Law

Iyer said Walmart’s Best Price has set a target to source 25 per cent produce directly from farmers by 2023.

“Ninjacart wants to make food safer and more accessible, while ensuring a fair price for everyone involved. We are excited that Flipkart and Walmart are joining us to make this vision a reality,” said Ninjacart chief executive and co-founder Thirukumaran Nagarajan.

However, no financial details of the investment were disclosed by the retail giants.

Based in Bengaluru, Ninjacart was founded in 2015 by Thirukumaran Nagarajan, Kartheeswaran K. K., Ashutosh Vikram, Sharath Loganathan and Vasudevan Chinnathambi. (IANS)