According to the Federation of Indian Chambers of Commerce & Industry (FICCI), the recently approved Scheme for Promotion of Electronic Components and Semiconductors (SPECS) will promote innovation and research & development (R&D) activities in the electronics sector.

A few days back, the Cabinet had approved the three key schemes to boost electronics and components manufacturing and exports in the country, with a total outlay of Rs 480.42 billion.

SPECS seeks to provide financial incentives for select electronic goods that comprise the downstream value chain of electronic products.