(MENAFN- KNN India) New Delhi, Nov 20 (KNN) The central government has approved investments by 27 companies under its USD 2 billion PLI scheme to manufacture IT hardware domestically.
Information technology Minister Ashwini Vaishnaw said the companies are expected to invest Rs 3,000 crore (USD 360 million) collectively, while creating 50,000 jobs in the sector.
As per reports, the companies that are willing to invest include Dell, HP and Foxconn amongst others. Approvals has also been granted to domestic manufacturers, including Dixon Technologies and VVDN.
The production-linked incentive (PLI) scheme for IT hardware covers laptops, tablets, PCs, servers and ultra-small form factor devices.
The approval comes at a time India is wooing IT hardware players with policy sweeteners and incentive schemes, making a determined push to position itself as a global powerhouse for high-tech manufacturing.
“I am happy to announce that 27 companies have been approved for the PLI IT hardware scheme. Around 23 companies are ready to start their manufacturing from day-zero,” Vaishnaw said at a briefing.
Four companies will start their production in the next 90 days.”The approvals will position India as a big force in manufacturing of IT hardware,” Vaishnaw said.
Other applicants that have received the green signal include Optiemus, Padget Electronics, SOJO Manufacturing Services, Goodworth, Neolync, Syrma SGS, Mega Networks, Panache Digilife, and ITI Ltd.
“As these companies get established and scale up, many of the component sub-assemblies are coming. Beyond that, the base-level components are coming in parallel. It is a natural pull, and an additional point that is working in our favour is that there are very good design capabilities in the country,” he added.
India hopes to play on the strength of its storied talent and skill base, vibrant market, and enabling policies to corner a substantial chunk of new investments flowing into IT, electronics and semiconductor production, and global value chains. The scheme will lead to additional production of Rs 3.5 lakh crore.
(KNN Bureau)
MENAFN20112023000155011030ID1107460821
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.