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Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors – SPECS Scheme

Scheme for Promotion of manufacturing of Electronic Components and Semiconductors (SPECS)

 

If you are planning to set up a manufacturing unit of Electronic Components and Semiconductors, this scheme of Indian Central Government is for you.

 

Objective of the Scheme

 

To strengthen the electronics manufacturing ecosystem in India.

 

Threshold Limit and Products Covered

 

To see the list of products which are covered under this scheme, please follow this link. (Click Here)

 

Tenure of the Scheme

 

The applications under this scheme is open upto 31-03-2023.

 

Incentives under the SchemeĀ 

 

  • An incentive of 25% on capital expenditure is available to units making investments for the manufacturing of goods covered under the scheme.

 

  • The incentive will be on a reimbursement basis.

 

  • Capital expenditure will be the total of plant, machinery, equipment, associated utilities and technology including research and development. The value of land and building is not included in capital expenditure.

 

  • Incentives provided by State Governments will be over and above this scheme.

 

Approval & Disbursement Process

 

  • The application will be made by an entity registered in India.

 

  • Each application shall be treated as new investment

 

  • Only single phase investment projects will be considered. Multiple phase investment projects are not eligible.

 

  • Initial application containing full details of the project to be filed.

 

  • Incentives under the scheme will be applicable from the date of acknowledgement of the application.

 

  • Acknowledgement shall not be construed as approval under SPECS.

 

  • The incentive will be available for investment made within 5 years from the date of acknowledgement.

 

  • The unit receiving the incentive under SPECS will have to remain in commercial production for a period of at least 3 years from the date of commencement of production or at least 1 year from the date of receipt of last incentive, whichever is later.

 

Government Notification of the Scheme

 

You can download the government notification of the scheme by following this link.

(Click Here)

 

Any queries and assistance

 

For any queries and assistance required under this scheme, you may contact CA Amit Mundhra at amit@karnanica.com

 

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