New Delhi: To make India 'Atmanirbhar' in the electronics supply chain, the Union Cabinet, chaired by Prime Minister Narendra Modi, on Friday approved the electronics component manufacturing scheme with a funding of Rs 22,919 crore.

The scheme envisages to attract investment of Rs 59,350 crore, result in production of Rs 4,56,500 crore and generate additional direct employment of 91,600 people and many indirect jobs as well during its tenure.

This scheme aims to develop a robust component ecosystem by attracting large investments in electronics component manufacturing ecosystem, increasing domestic value addition (DVA) by developing capacity and capabilities, and integrating Indian companies with global value chains (GVCs).

The tenure of the scheme is six years with one year of gestation period and the payout of a part of the incentive is linked with employment targets achievement, according to the Cabinet.

The scheme provides differentiated incentives to Indian manufacturers tailored to overcome specific disabilities for various categories of components and sub-assemblies so that they can acquire technological capabilities and achieve economies of scale.