EPACK secures ₹15.37 Crore M-SIPS incentive for electronics manufacturing

By Staff Report February 4, 2025 6:45 pm IST

The first phase of ₹78 lakh disbursed under M-SIPS is aimed at promoting domestic electronics production.

EPACK Durable, a RAC original design manufacturer(ODM) in India, received ₹78 lakh as the first round incentive under the Modified Special Incentive Package Scheme (M-SIPS), an initiative by the Ministry of IT & Electronics, Government of India, to promote electronics manufacturing in the country. The total incentive of ₹15.37 crore is divided three investment rounds, with the first tranche now disbursed. The company’s first-phase application was approved under this scheme by the Ministry on December 24, 2020.

The M-SIPS scheme, introduced to encourage domestic manufacturing and import substitution, offers incentives in three phases for investments in capital expenditure towards setting up electronic manufacturing units. EPACK Durable, applied and invested under this scheme to align with the Government of India’s ‘Make in India’ and ‘Aatmanirbhar Bharat’ vision.

The M-SIPS initiative has been instrumental in boosting India’s electronics manufacturing ecosystem, supporting companies in expanding their production capacities. Industry leaders such as Dixon Technologies, Haier, LG, and Voltas have also benefited from similar government incentives, reinforcing India’s position as a competitive manufacturing hub.

The scheme has played a crucial role in employment generation, fostering job creation and skill development in the electronics and consumer durables sector. EPACK Durable’s workforce has grown significantly, from 2,122 employees in FY 2019-20 to 4,565 employees in FY 2023-24.

Commenting on this development, Ajay Singhania, MD & CEO of EPACK Durable, said, “This milestone is a testament to EPACK Durable’s dedication to the ‘Make in India’ vision, enabling us to strengthen domestic RAC production while reducing import dependence. As we expand our footprint, this support allows us to integrate advanced manufacturing technologies, boost capacity, and position India as a key player in global supply chains, driving innovation and create more employment opportunities in the sector.”