The Cabinet authorizes the PLI project for the production of electronic components at a cost of Rs 22,919 crore.

According to Union Electronics and IT Minister Ashwini Vaishnaw, the Union Cabinet approved a production-linked incentive plan for passive or non-semiconductor electronics components on March 28 at a cost of Rs 22,919 crore.

It is the first program designed to encourage the production of passive electronic components.

According to the minister, the plan will bring in about Rs 59,350 crore in investment and directly employ 91,600 people.

"The Electronics Component PLI system authorizes passive components. The entire deal is worth Rs 22,919 crore. More than six years will have passed," Vaishnaw stated. According to the minister, that section will meet the needs of a number of industries, including the power sector, consumer electronics, telecom, automotive, and medical devices.