PLI scheme for Large-Scale Electronics Manufacturing to make India competitive destination for electronics manufacturing
The Production Linked Incentive scheme for Large-Scale Electronics Manufacturing, under the Ministry of Electronics and IT, is advancing towards making India a competitive destination for electronics manufacturing.
It is providing a boost to Atmanirbhar Bharat while creating more global champions in this sector. As a result of government initiatives and industry efforts, India has made rapid advances in the past five years in the field of electronics manufacturing.
According to NITI Aayog, the production of mobile phones has risen from about six crores in 2014-15 to approximately 31 crores in 2021-22. The export of mobile phones has also seen a sharp increase. India exported 45,000 crore rupees worth of mobile phones in FY 2021-22.
During the current year up to November 2022, mobile phone exports have already crossed 40,000 crore rupees, which is more than double the exports made during the same period last year.
Meanwhile, the Empowered Committee headed by CEO, NITI Aayog has approved incentives for two companies Foxconn India and Padget Electronics for mobile manufacturing. These incentives have been approved under the PLI scheme.
The proposals for disbursement of incentives, presented by the Ministry of Electronics and IT, were considered by the Empowered Committee, comprising Secretary Alkesh Kumar Sharma, NITI Aayog, CEO, Parameswaran Iyer, DPIIT, Secretary, Anurag Jain, and other members.
The PLI schemes as envisioned by Prime Minister Narendra Modi are built on the foundation of the 14 sectors’ strengths, their production capabilities, and drive to become global champions.
Foxconn India is the first global company that has been approved under the target segment ‘Mobile Phones’ to receive incentives for the period 1 August 2021 to 31 March 2022. The incentive amount approved is 357.17 crore rupees.
Padget Electronics Pvt. Ltd, a domestic company, has been approved by the Empowered Committee to receive incentives under mobile manufacturing for the quarter January-March 2022. The incentive amount approved is 58.29 crore rupees.
