• UGI USER
  • Jul 19, 2024
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NITI AAYOG’S RECOMMENDATIONS TO BOOST ELECTRONICS SECTOR

Why in the news?

  • NITI Aayog has proposed measures to grow India’s electronics sector from $100 billion to $500 billion by 2030.
  • The recommendations include simplifying import tariffs and offering fiscal incentives for domestic manufacturing.
source:Solutionbuggy

Key Proposals

  • Simplify tariffs for components to make India’s electronics exports more competitive globally.
  • Offer fiscal support for design-focused companies and ease technology transfer processes.

Expected Outcomes

  • Business-as-usual scenario: sector growth to $275 billion by FY30.
  • Export-focused scenario: sector growth to $500 billion by FY30, with exports increasing from $24 billion to $240 billion.
National Institution for Transforming India (NITI Aayog)

About:

  • Established on 1 January 2015 via a Union Cabinet resolution, replacing the Planning Commission (1950).
  • Premier policy think tank of the Government of India, providing policy inputs and fostering cooperative federalism by bringing States together.

Composition:

  • Chairperson: Prime Minister of India.
  • Vice Chairperson: Appointed by the PM, with Cabinet Minister rank.
  • Members: Full-time (Minister of State rank), Part-time (maximum 2), Ex-Officio (maximum 4 Union Ministers), CEO (Secretary rank), and Special Invitees (experts).

Governing Council:

  • Chaired by the PM, includes Chief Ministers, UT Lt Governors, NITI Aayog Vice Chairman, Full-Time Members, and Special Invitees.
  • Discusses national priorities, inter-sectoral, inter-departmental, and federal issues

Associated Article:

https://universalinstitutions.com/it-hardware-pli-scheme-2-0/