Bangalore, India, December 16, 2014: India Electronics and Semiconductor Association (IESA), the premier trade body representing the Indian Electronic System Design and Manufacturing (ESDM) industry, lauds the Government of India’s approval on setting up of Electronics Development Fund (EDF). The fund, which will invest in electronics entrepreneurial ventures is envisaged to propel the R&D & start-up eco-system in the ESDM space.
“EDF is the key pillar to boost local ‘Innovation Led Design’ and we all applaud DeitY’s and Hon’ble Communication & IT Minister’s for perseverance and push to get this finally approved. The EDF will provide greater incentivization to R&D and incubation centres to spur the local IP development and product creation which constitutes greater than 50% value addition for electronic products. Extended support of the government to the entrepreneurs to create value by ‘Design led Manufacturing’ in the ESDM ecosystem in India is commendable,” said Ashok Chandak, Chairman, IESA and Sr. Director, NXP Semiconductors
Thrilled with the announcement, Mr. M.N. Vidyashankar, IAS, President, IESA said, “We have been working with the Union and various state governments on policy matters and roadmap to make India an ESDM powerhouse. As the nodal body for electronics and semiconductors, we are providing a huge thrust to support start-ups in the electronics space and the Electronics Development Fund will be crucial in this direction. Offering incredible innovation opportunities will assist to overcome key challenges faced by the start-up community and help to realize the government’s Make in India dream.”
Setting up of Electronics Development Fund is a key milestone to reduce India’s electronics import bill and develop ESDM ecosystem. Silicon Valley and Boston are great examples of the impact of the start-up Funds in the creation of the ecosystem and entrepreneurship development. IESA is committed to promotion and effective utilization of EDF to SPEED UP India’s journey of ’Innovation led Design, Design led Manufacturing’ in the electronics sector towards the vision of Make in India by nurturing the start up’s, attracting investment and productizing ideas for the global marketplace.
Industry is happy that EDF will attempt to address the unavailability of adequate risk capital through venture funds for research and development (R&D), innovation and intellectual property creation in the areas of electronic system design and manufacturing.