Samsung, iPhone makers get approval for Rs 10.5 lakh crore India manufacturing plan to give ‘Make in India’ push
According to news reports, the Indian government has approved applications of 16 electronics companies including 10 mobile phone manufacturers under the Production-Linked Incentive scheme (PLI) in an attempt to make India into an export and manufacturing hub. Global companies that received approval to avail the scheme for manufacturing mobile phones with invoice value Rs 15,000 and above are Samsung and top Apple suppliers Foxconn, Wistron and Pegatron.
The companies approved under the PLI scheme are likely to promote exports significantly. Out of the total production of Rs 10.5 lakh crore in the next 5 years, around 60 per cent will be contributed by exports of the order of Rs 6.5 lakh crore, aimed at making India Atmanirbhar.
India is gearing up to be the next manufacturing powerhouse in the coming years. With global brands shifting base to India, the country is in a good position to get ahead in the manufacturing sector. In addition, initiatives like Make in India will boost economic growth in the coming times.