How to Apply for SPECS — 25% Capex Reimbursement for Electronics & Semiconductor Units

SPECS runs a continuous appraisal rather than a cohort or batch cycle. Once an application reaches the Project Management Agency (PMA) — currently IFCI Ltd — it moves through the following path:

• Completeness check: the PMA has 15 working days to check whether the application is complete. If something is missing, the applicant gets a further 15 working days to supply it, failing which the application is closed.
• Acknowledgement: once the completeness criteria are met, the PMA issues an Acknowledgement carrying the Application ID. This date starts the 5-year investment window.
• Appraisal: the PMA appraises the proposal in detail and may ask for additional information.
• Executive Committee review: the application is placed before MeitY's Executive Committee, chaired by a Joint Secretary-rank officer, which recommends approval, rejection or modification.
• Approval Letter: if the proposal is recommended, the PMA issues an Approval Letter.

Claims follow their own verification route. Incentives can only be claimed once commercial production has begun, and claims are submitted on the portal every six months on a cash basis. The PMA verifies each claim through documentation and site visits, physically verifying at least 30% of the expenditure items, before issuing a Sanction Letter. The applicant then files an Integrity Compliance Undertaking, an Indemnity Bond and any other required documents, after which the PMA disburses the incentive.