There has been an excellent response😊 to the govt’s bid to promote large scale electronics manufacturing in the country.
Apart from leading phone companies themselves, contract manufacturers have also shown a keen interest🙋🏻♂️ in its production linked incentive scheme.
It offers incentives🤑 of around Rs. 50,000 crore over the period of next five years.
The companies have thus submitted proposals to produce mobile devices📱 and components🖱️ worth over Rs. 11 lakh crore in India
Foreign companies such as Samsung, Rising Star, Foxconn Hon Hai , Wistron and Pegatron have applied📃 under the above-mentioned scheme.
Notably, the last three of them are contract manufacturers🏭 for Apple iPhones.
Apple and Samsung account for nearly 60% of the global sales revenue💰 of mobile phones.
The Indian companies who have also shown interest in this scheme include Lava, Micromax, Dixon and Padget Electronics.
More Stats and figures
As per proposals, mobile phones worth about ₹9 lakh crore in the category of above ₹15,000 per unit are expected to be produced in the aforesaid period🗓️.
In the sub Rs. 15,000 category, this figure is likely to be around Rs. 2 lakh crore.
Export demand🛳️ of about Rs. 7 lakh crore is expected to be met from the proposed production capacities.
Meanwhile, about 8-10 companies such as motherboard makers, AT&S, Ascent Circuits, Sahasra and Vitesco have applied for component manufacturing⌨️ worth over Rs. 40,000 crore in the country during the same period.
All the above-mentioned proposals are expected to create 3 lakh direct jobs👩🏭 and around 9 lakh indirect jobs in the country respectively.