In a big boost to Prime Minister (PM) Narendra Modi's 'Make in India' campaign, a stream of domestic and international smartphone makers have lined up with proposals to produce mobile devices and components worth Rs 11 lakh crore in the nation over the next five years, reports Economic Times.
The proposals have been submitted by the companies under the Government's newly unveiled Production Linked Incentives (PLI) scheme which aims to give a boost to the manufacturing of high-end electronics in India with a special focus on manufacturing of entire smartphone manufacturing ecosystem.
Foreign companies that have submitted proposals for the scheme include iPhone maker Apple's contract manufacturers - Foxconn Hon Hai, Wistron and Pegatron. Besides, Samsung and Rising Star have also submitted their proposals for the scheme.
It should be noted that Taiwanese player Pegatron is a first-time investor in India.
Local smartphone makers Lava, Micromax, Padget Electronics and Dixon technologies have also submitted proposals for the scheme.
These proposals are expected to create around 12 lakh employment opportunities, of which around three lakh are expected to be direct and about nine lakh indirect.
As per the proposals put forward, it is estimated that phones worth Rs nine lakh crore in the category of above Rs 15,000 per unit are likely to be produced by these companies under the PLI scheme.
Meanwhile, in the sub-Rs 15,000 category, phones worth Rs two lakh crore are expected to be produced.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 999/year is the best way you can support our efforts.