PUNE: The Modi government has approved a proposed ₹500 crore electronics manufacturing cluster in Ranjangaon MIDC, Phase-3, Pune. This cluster has the potential to raise an investment of up to ₹2000 crore. This approval has been given by the Ministry of Electronics and Information Technology and this electronic manufacturing cluster will be set up on 297 acres in MIDC phase three in Ranjangaon. The central government will provide added assistance of ₹208 crores. The electronic manufacturing cluster of Ranjangaon will create a direct employment opportunity for 5000 youth.

The central government has revised the electronic manufacturing cluster plan for 2020, in which the government will provide financial assistance of up to 50% to companies with an investment commitment of ₹300 crore rupees, as well as land at a discounted rate of 100 acres for ₹70 crore rupees. The central government will also set up common facility centres for such clusters across the country.

After paying 30% of the amount in advance to the committed company, the remaining 40% of the amount will be made available by the government. After the construction of the project is completed, the remaining installment will be paid by the government to the company responsible for the construction.