India Launches ₹ 50,000 Crores Plan to Boost Electronics Manufacturing

added 04.06.2020 01:00

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A company coming (to India) should also bring the entire procession of its ancillaries," Prasad said.

Global players such as Samsung and Taiwanese firms Foxconn, and Wistron, which both supply Apple, have already ramped up local production, attracted by the huge market of 1.3 billion people.

Five Indian firms would also be selected for the PLI scheme, which, along with two other related initiatives, could help India produce smartphones and components worth ₹ 10 lakh crores ($133 billion) by 2025, Prasad said.

India launched a ₹ 50,000 crores ($6.65 billion) plan on Tuesday to boost electronics manufacturing, saying it would start by offering five global smartphone makers incentives to establish or expand domestic production.

India, which offers cheap labour, has more than 1 billion mobile connections but less than half that number of smartphones, offering manufacturers a huge potential market.