The country has so far attracted only Rs 1,200 crore since 1992 in IT related investment. Once the S-BIT scheme is implemented, the cumulative investment coming in the plant and machinery alone has been pegged at Rs 4,215 crore by the task force. According to director of Manufacturers Association of Information Technology Vinnie Mehta, several prominent IT majors have indicated that they would like to look at India as the safest destination in crisis-ridden Asia in view of the thrust being given by the country to IT.

Already, companies like Acer, Hewlett Packard, IBM and Samsung have written to the task force calling the hardware panel's report ``very revolutionary and progressive that will facilitate global IT players to reconsider their manufacturing investment plans.''

Alarge multinational in peripherals which has its base in SE Asia and already invested in excess of over $100 million there, is likely to set up its operations in India. Inquiries have also been received from a handful of other US, Japanese and French companies, Mehta indicated.

Most of these plans will be finalised by next year and a clear picture will emerge once the S-BIT scheme is formalised, indicated Mehta. The concern of the investors is the long-term continuation of the policy and once that is addressed, mega investments are likely to flow into the country, he added. Most industry associations like Electronic Components Industries Association (Elcina), Mait and the Telecom Equipment Manufacturers Association are already busy charting out trips abroad for prospective investment.

While Elcina had just sent a delegation to Taiwan to look at those companies wanting to set up or shift their base to India, Mait is considering to send delegations to Taiwan, Singapore and USA February next. After the S-BITunit scheme is implemented, the IT related investment is expected to go up to Rs 373 crore in 1999, Rs 522 crore in 2000, Rs 725 crore in 2001, Rs 1003 in 2002 and Rs 1380 in 2003.

IT manufacturing is expected to create 2.5 million additional jobs, without taking into employment in IT design.