There is a big announcement for electronic industry, which is going to showcase the power of self-reliant India. 16 eligible applicants has been approved by Ministry of Electronics and IT under PLI Scheme. This announcement will strengthen Indian economy as well as demands of domestic products.
Ravi Shankar Prasad, Minister for Electronics & IT, Communications, Law and Justice shared that the PLI scheme for 16 eligible applicants will prove as a huge success in terms of the applications received from Global as well as Domestic Mobile Phone manufacturing companies and electronic components manufacturers. Industry has reposed its faith in India’s stellar progress as a world class manufacturing destination and this resonates strongly with Prime Minister’s clarion call of Atma Nirbhar Bharat – a self-reliant India.
Samsung, Foxconn Hon Hai, Rising Star, Wistron and Pegatron are few international brands that are approved under Mobile Phone companies (Invoice Value Rs 15,000 and above). Out of these, 3 companies namely Foxconn Hon Hai, Wistron and Pegatron are contract manufacturers for Apple iPhones
Under Mobile Phone (Domestic Companies) Segment, Indian companies including Lava, Bhagwati (Micromax), Padget Electronics, UTL Neolyncs and Optiemus Electronics are approved by MeitY
6 companies are approved under the Specified Electronic Components Segment which include AT&S, Ascent Circuits, Visicon, Walsin, Sahasra, and Neolync.
Over the next 5 years, the approved companies under the PLI Scheme are expected to lead to total production of more than Rs 10.5 lakh crore.
Out of the total production, the approved companies under Mobile Phone (Invoice Value Rs 15,000 and above) segment have proposed a production of over Rs 9,00,000 crore
The approved companies under Mobile Phone (Domestic Companies) segment have proposed a production of about Rs 1,25,000 crore and those under Specified Electronic Components segment have proposed a production of over Rs 15,000 crore
The companies approved under the scheme will bring additional investment in electronics manufacturing to the tune of Rs 11,000 crore.