Modified Special Incentive Package Scheme (M-SIPS):
With a view to promoting large scale manufacturing in the Electronics System Design & Manufacturing (ESDM), Modified Special Incentive Package Scheme (M-SIPS) was launched by the Ministry of Electronics & Information Technology (MeitY), Govt. of India in July 2012. The scheme was initially opened to receive applications for 3 years i.e. till 26th July 2015. The Government, on 30th January 2017, with a view to further give boost to electronic manufacturing in the country, approved extension of the tenure of the Scheme (upto 31st December 2018 or till such time that the incentive commitment reaches Rs. 10,000 crore, whichever is earlier) along with few procedural simplifications and expansion of scope of new product categories. The incentives under the Scheme would be available for a period of 5 years from the date of approval of the application under M-SIPS.
The Scheme mainly provide 20-25% subsidy for investment in capital expenditure for setting up electronic manufacturing units. It provides incentives for 4 categories of electronic products and product components. Units across the value chain starting from raw materials to assembly, testing and packaging of these product categories are included.
MeitY, Govt. of India, has appointed IFCI (being PFI) as Verification Agency for verification of claim seeking incentives under the M-SIPS since May 2017.