(MENAFN- KNN India)
New Delhi, Jul 27 (KNN)
India's ambitious Production Linked Incentive (PLI) scheme for large-scale Electronics manufacturing has yielded impressive results, with mobile phone production, including components and Semiconductor packaging, reaching a staggering Rs 5.14 lakh crore by June 2024.
This milestone underscores the scheme's effectiveness in bolstering domestic manufacturing and attracting substantial investments in the mobile phone value chain.
Minister of State for Electronics and IT, Jitin Prasada, revealed these figures in a written reply to the Rajya Sabha on Friday. The PLI scheme, which was notified on April 1, 2020, has successfully catalysed an incremental investment of Rs 8,390 crores in the sector as of June 30, 2024.
Global tech giants and their vendors have been key beneficiaries of the scheme. Notable players such as Apple's manufacturing partners Foxconn and Wistron, along with industry stalwarts like Samsung and Pegatron, have qualified for incentives under the initiative.
This has not only boosted India's manufacturing capabilities but also positioned the country as an emerging hub for electronics production.
In a parallel development, the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) has also shown promising results.
Aimed at promoting the manufacturing of electronic components, e-waste recycling, mechanics, micro and nano-electronic components, and solar photovoltaic polysilicon, SPECS has attracted an incremental investment of Rs 8,803.14 crores. This investment has translated into a production value of Rs 18,083.55 crores by June 30, 2024.
These figures reflect a significant shift in India's electronics manufacturing landscape. The government's strategic focus on incentivizing production and attracting foreign investment appears to be paying dividends, potentially reshaping India's position in the global electronics supply chain.
As the PLI scheme continues to gain traction, industry experts anticipate further growth in the sector. The success of these initiatives could pave the way for India to emerge as a major player in the global electronics manufacturing arena, reducing dependence on imports and fostering a robust domestic ecosystem.
(KNN Bureau)
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