Department of Electronics & Information Technology (Deit Y), secretary, JS Deepak told that by establishing Electronics Development Fund (EDF) marks the fulfillment of a long-felt need.
While addressing gathering at a symposium jointly organised by Can bank Venture Capital Fund and Venture Intelligence.
He said that EDF will offer risk capital to Industry and academia to encourage entrepreneurs to manufacture electronics locally and to reduce imports in five years.
He also advocated to concentrate more on designing in the electronics and IT industry in India, citing the loss of about $15 billion lost due to Intellectual Property rights.
He called on the IT and electronics industry to move up the value chain even as the government celebrates its presence in the lower end given the importance of jobs in the economy.
