Taking forward the 'vocal for local mantra', the government has unveiled a Rs 50,000 crore package for electronics manufacturing. It has started inviting applications for three incentive schemes aimed at attracting top global manufacturers as well as local companies. CNBC-TV18's Shereen Bhan on Tuesday discussed with electronics & information technology minister Ravi Shankar Prasad on this matter.

Under the first scheme which is the production-linked incentive scheme, the government will give an incentive of 4 percent to 6 percent on incremental sale of goods manufactured in India. Eligible companies can claim this benefit for a period of five years.

Second is the scheme for promotion of manufacturing of electronic components and semiconductors. Under this scheme, the government shall provide financial incentive of 25 percent on capital expenditure for the identified list of electronic goods.

The third, which is the electronics manufacturing clusters scheme, aims at attracting major global electronics manufacturers to India, along with their supply chains. The government will provide support for creation of world class infrastructure along with common facilities and amenities, including ready built factory sheds.

The three schemes are expected to create 5 lakh direct jobs, 15 lakh indirect jobs and produce mobile phones and their parts worth Rs 10 lakh crore by 2025.