India Launches Rs. 50,000 Crores Plan to Boost Electronics Manufacturing

India Launches Rs. 50,000 Crores Plan to Boost Electronics Manufacturing

India paid a launches a plan of Rs 50,000 crore ($ 6.65 billion) on Tuesday to boost electronics manufacturing, saying it will start by encouraging five global smartphone makers to establish or expand domestic production. Technology Minister Ravi Shankar Prasad told in a news conference that the government is offering production-linked incentives (PLIs), with 4 percent to 6 percent of the additional sales of goods in five years at the local level in 2019-2020. Cash up to.

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Ministry officials said the names of the five companies, which would have to be eligible to meet the investment and sales cap, would be announced in the next two months.

Five Indian firms will also be selected for the PLI scheme which, along with two other related initiatives, will cost India Rs. 10 lakh crore ($ 133 billion) by 2025, Prasad said.

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The smartphone industry has become a showpiece for Prime Minister Narendra Modi’s ‘Make in India’ drive. The government now wants to make the country an export hub.

Global players such as Samsung and Taiwanese companies such as Foxconn, and Wistron, which supply both, have already increased local production, attracting a huge market of 1.3 billion people.

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The new plan also includes plans to drive the production of components and to build manufacturing clusters with factory sheds already built and common facilities for companies.

Prasad said, “We want the groom to come but we also want a full wedding procession. A company (coming to India) should also bring the entire wedding procession of its subsidiaries.”

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