11:08:51 AM PDT - Friday, August 7th, 2020

Apple’s partners and Samsung apply for India’s $6.6 billion local smartphone production program  

By Editor - Sat Aug 01, 6:13 am

South Korean giant Samsung, Apple’s contract manufacturing partners Foxconn, Wistron and Pegatron, and Indian smartphone vendors Micromax and Lava among others have applied for India’s $6.6 billion incentive program aimed at boosting the local smartphone manufacturing, New Delhi said on Saturday. The scheme, called Production-Linked Incentive Scheme, will offer a range of incentives to companies including a 6% financial incentive on additional sales of goods produced locally over five years, with 2019-2020 set as the base year, India’s IT Minister Ravi Shankar Prasad said in a press conference. 22 companies have applied for the incentive program — that also includes manufacturing of electronics components — and have agreed to export 60% of their locally produced units outside of India, said Prasad. He said the companies estimate they will produce smartphones and components worth $153 billion during the five-year duration. The Production-Linked Incentive Scheme is aimed at turning India into a global hub of high-quality manufacturing of smartphones and support Prime Minister Narendra Modi’s push to make the country self-reliant, said Prasad. A total of 22 companies have filed their application under the PLI Scheme. These companies will produce mobile phones and components worth Rs 11.5 lakh crore in the coming 5 years out of which products worth Rs 7 lakh crore will be exported

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Apple’s partners and Samsung apply for India’s $6.6 billion local smartphone production program

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