The Indian government is set to launch an ‘Electronics Development Fund’ of Rs 10,000 crore to provide financial assistance to domestic companies in the field of electronics manufacturing.
The fund, which includes participation by Canbank Venture Capital, will be launched this month with an initial corpus of Rs 2.500 crores, while the rest will be raised from various sources. The details were revealed by DeitY’s Secretary J S Deepak while speaking at the launch of Qualcomm’s Design in India initiative.
“This fund is a fund of funds. This will fund venture capitalist who in turn will fund domestic companies in the field of electronics system design and manufacturing. We need to change present system of electronics manufacturing. It has to be rich in domestic Intellectual Property Rights,” said DeitY’s Secretary J S Deepak.
Qualcomm also announced a $400,000 for Indian Entrepreneurs in the field of electronics manufacturing under its ‘Design in India’ programme in association with IT industry body Nasscom.
“The company creating a product under the Design in India programme will own IPR for it. We only want to boost ecosystem for electronics design and commercialization of innovative products,” said Qualcomm India President Sunil Lalvani.