The authorities on Tuesday stated it has cleared 16 proposals from home and worldwide firms entailing funding of Rs 11,000 crore below the manufacturing linked incentive (PLI) scheme to enhance large-scale electronics manufacturing in the nation as part of the its Atmanirbhar Bharat initiative.
The authorized firms below the PLI Scheme are anticipated to lead to whole manufacturing of greater than Rs 10.5 lakh crore, over the subsequent 5 years.
The worldwide cell phone manufacturing firms which are authorized below cell phone section embrace iPhone maker Apple’s contract producers Foxconn Hon Hai, Wistron and Pegatron, other than Samsung and Rising Star.
Apple (37 per cent) and Samsung (22 per cent) collectively account for practically 60 per cent of world gross sales income of cellular phones and this Scheme is predicted to enhance their manufacturing base manifold in the nation, a authorities launch stated.
Domestic firms whose proposals have been authorized embrace Lava, Bhagwati (Micromax), Padget Electronics (Dixon Technologies), UTL Neolyncs and Optiemus.
The Ministry of Electronics and Information and Technology (MeitY), in a press release, stated the businesses authorized below the scheme will generate greater than 2 lakh direct jobs in the subsequent 5 years, together with oblique employment of practically 3 times the direct employment alternatives.
“The companies approved under the scheme will bring additional investment in electronics manufacturing to the tune of INR 11,000 crore,” MeitY stated.
The Production Linked Incentive Scheme for Large Scale Electronics Manufacturing was notified on April 1, 2020.
It extends an incentive of 4 to 6 per cent on incremental gross sales (over base yr) of products below goal segments which are manufactured in India to eligible firms, for a interval of 5 years subsequent to the bottom yr (2019-20).
Proposals of six firms in the digital parts section have additionally been authorized. These firms are AT&S, Ascent Circuits, Visicon, Walsin, Sahasra, and Neolync.