India shows green flag to Apple partners and Samsung for $143 billion smartphone manufacturing plan By CIOReviewIndia Team

India shows green flag to Apple partners and Samsung for $143 billion smartphone manufacturing plan

CIOReviewIndia Team | Wednesday, 07 October 2020, 03:58 IST

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India shows green flag to Apple partners and Samsung for $143 billion smartphone manufacturing plan

To win $6.65 billion incentives under India’s federal plan, Samsung and three major contract manufacturing partners of Apple are among 16 firms who are expected to boost domestic smartphone production over the next five years. Also, these companies had applied for an incentive program in August. 

 

According to the statement, with a worth of more than $143 billion over the next five years,  Indian Ministry of Electronics and Information Technology (MeitY) said that these companies will be producing smartphones and other electronics components. Moreover, with 2019-2020 set as the base year, India will offer them an incentive of 4% to 6% on additional sales of goods produced locally over five years. 

“Apple and Samsung together account for nearly 60% of global sales revenue of mobile phones and this scheme is expected to increase their manufacturing base manifold in the country,” the ministry said.

“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 AtmaNirbhar Bharat – a self-reliant India,” the ministry added.

The Indian ministry said that improving India’s manufacturing and exporting capacities and generating more local jobs would be the main focus with around 60 percent of the locally produced products being exported. With as many as 600,000 indirect employment opportunities during the same period, the companies will generate more than 200,000 direct employment opportunities in the next five years.

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