India To Be Next Smartphone Manufacturing Hub As Firms Propose Rs 11 Lakh Crore Mobile Phone Product
In a big boost to Prime Minister (PM) Narendra Modi's 'Make in India' campaign, a stream of domestic and international smartphone makers have lined up with proposals to produce mobile devices and components worth Rs 11 lakh crore in the nation over the next five years, reports Economic Times.
The proposals have been submitted by the companies under the Government's newly unveiled Production Linked Incentives (PLI) scheme which aims to give a boost to the manufacturing of high-end electronics in India with a special focus on manufacturing of entire smartphone manufacturing ecosystem.
Foreign companies that have submitted proposals for the scheme include iPhone maker Apple's contract manufacturers - Foxconn Hon Hai, Wistron and Pegatron. Besides, Samsung and Rising Star have also submitted their proposals for the scheme.
It should be noted that Taiwanese player Pegatron is a first-time investor in India. Local smartphone makers Lava, Micromax, Padget Electronics and Dixon technologies have also submitted proposals for the scheme.
These proposals are expected to create around 12 lakh employment opportunities, of which around three lakh are expected to be direct and about nine lakh indirect.
As per the proposals put forward, it is estimated that phones worth Rs nine lakh crore in the category of above Rs 15,000 per unit are likely to be produced by these companies under the PLI scheme. Meanwhile, in the sub-Rs 15,000 category, phones worth Rs two lakh crore are expected to be produced.