The Indian government has proposed a US$2 billion electronics development fund to support local companies, aimed at promoting innovation, intellectual property, research and development, and nano-electronics.
The plans were announced at a technology forum by Ajay Kumar, joint secretary of India's Department of Electronics and Information Technology, according to a report Thursday by the Hindu Business Line.
He said the government planned to participate with private players and will contribute 25 percent to 75 percent to co-fund manufacturing initiatives. Walden International, a venture capital fund, is in talks with the government to take part, Kumar added in the article.
Industry watchers believe this move is planned at setting up an eco-system to grow, and catch up with rival China, noted the news site.