Modi government is planning to launch Rs 10,000 crore fund for domestic electronic firms

Modi government is planning to launch Rs 10,000 crore fund for domestic electronic firms

Prime Minister Narendra Modi-led government will soon start an Electronics Development Fund with a corpus of Rs 10,000 crore to provide financial assistance to domestic companies in the field of electronics manufacturing and encourage innovation in the sector.

He said the fund, housed with Canbank Venture Capital Fund, will start this month with an initial corpus of Rs 2,500 crore and rest will be raised from various sources.

Not only this event Narendra  Modi Launched so many Useful events Like Digital India Recently, At the event, Qualcomm announced $4 lakh corpus for development of electronic products by Indian entrepreneurs under its 'Design in India' programme in association with IT industry body Nasscom.

"We will soon start Electronics Development Fund (EDF) which I hope will very soon have a corpus of Rs 10,000 Crore. It will be used to encourage innovation and support entrepreneurship," Department of Electronics and IT Secretary J S Deepak said while speaking at the launch of Qualcomm's Design in India initiative.

"The centre is coming up in Bengaluru with initial cost of Rs 25 crore to incubate ideas around IoT and encourage domestic entrepreneurship," Chandrashekhar said. 

"India has strength in IT and that strength also includes design, engineering and R&D. Engineering export from India was around $18.1 billion in 2014-15. This is the fastest-growing segment within IT industry. This is expected to reach $40 billion by 2020. Design is something that you do before developing product. IT is not delinked from manufacturing" Nasscom President R Chandrashekhar said.