The Government’s empowered group in a major bid to boost for electronics manufacturing in India, cleared applications submitted by Apple iPhone contract manufacturers Foxconn, Pegatron and Wistron, and Korean giant Samsung.
This decision will also help domestic majors like Lava, Karbonn and Dixon Technologies to export India made smartphones worth $100 billion. All these will come under the ambient of ₹ 41,000 crore production linked incentive (PLI) scheme, reports Economic Times.
Since this important decision has been cleared by the empowered group, the approval from the Union Cabinet which will take place probably this week itself will be a mere formality.
Apple had set up shop in China and now, Apple Inc’s contract manufacturers and Samsung alone have proposed to manufacture smartphones worth $50 billion each. This target is to be achieved in the next five years, with exports being a constituent of these figures.
The Modi government has received applications from 22 companies under the PLI scheme which had been notified in April. The PLI scheme was created to transform India into a manufacturing hub for smartphones.