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Samsung, Lava among 16 firms approved for PLI plan for phone manufacturing

Lava, Bhagwati (Micromax), Padget Electronics, UTL Neolyncs and Optiemus Electronics are among the Indian companies approved

Topics
PLI scheme | Centre | Lava

BS Web Team  |  New Delhi 

mobile, smartphone, manufacturing, production, phone, PLI scheme
Samsung, Foxconn Hon Hai, Rising Star, Wistron and Pegatron are among international companies approved under the mobile phone segment.

The government on Tuesday approved 16 under a Production Linked Incentive Scheme (PLI) for electronics manufacturing, announcing an incentive of 4 per cent to 6 per cent on incremental sales of goods under target segments that are manufactured in India for a period of five years.

Samsung, Foxconn Hon Hai, Rising Star, Wistron and Pegatron are among international approved under the mobile phone segment. Foxconn Hon Hai, Wistron and Pegatron are contract manufacturers for Apple and together account for nearly 60 per cent of global sales revenue of mobile phones and this scheme is expected to increase their manufacturing base manifold in India, said a press release by Ministry of Electronics & IT.

Lava, Bhagwati (Micromax), Padget Electronics, UTL Neolyncs and Optiemus Electronics are among the Indian approved for the mobile phone segment. These companies are expected to expand their manufacturing operations in a significant manner and grow into national champion companies in mobile phone production.

ALSO READ: Govt's PLI boost set to make India manufacturing hub for Apple iPhones

Six companies-- T&S, Ascent Circuits, Visicon, Walsin, Sahasra, and Neolync--have been approved under the Specified Electronic Components Segment.

All these companies are expected to promote exports significantly. Out of the total production of Rs 10,50,000 crore in the next five years, around 60% will be contributed by exports of the order of Rs 6,50,000 crore, said the ministry .The companies will generate more than two lakh direct employment opportunities in five years along with creation of additional indirect employment.

“We are optimistic and looking forward to building a strong ecosystem across the value chain and integrating with the global value chains, thereby strengthening ecosystem in the country," said Ravi Shankar Prasad, Minister for Electronics & IT, Communications.

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First Published: Tue, October 06 2020. 21:02 IST
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