https://sputniknews.in/20230517/modi-govt-announces-206-incentive-scheme-for-it-hardware-manufacturers-2017202.html
Modi Gov't Announces $2.06 Incentive Scheme For IT Hardware Manufacturers
Modi Gov't Announces $2.06 Incentive Scheme For IT Hardware Manufacturers
Sputnik India
The Product Linked Incentive (PLI) scheme announced by the federal government in April 2020 aims to make India a global electronics hub.
2023-05-17T17:36+0530
2023-05-17T17:36+0530
2023-05-17T17:36+0530
business & economy
india
narendra modi
science & tech
startups
it industry
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Prime Minister Narendra Modi's cabinet on Wednesday approved a $2.06 billion Production Linked Incentive Scheme 2.0 for firms that are in the business of manufacturing products like laptops, tablets, servers, and all-in-one PCs.Under the PLI scheme, goods producers receive subsidies from the government after they register to manufacture their products in the South Asian nation.From reduction in import duty to tax rebates, the government's subsidy, however, is linked to the number of units a company is manufacturing and selling.Information Technology and Telecom Minister Ashwini Vaishnaw informed reporters about the decision after the cabinet meeting in New Delhi."For IT PLI, the budgetary outlay is INR 17,000 crore ($2.06 billion). The tenure of the program is 6 years," he said.This year, manufacturing crossed a major milestone, breaching the $100 billion barrier. As of March, India had produced $105 billion worth of electronics products in the country.The PLI scheme has played a huge part in giving a major fillip to electronics production in India.India is 2nd Largest Manufacturer of Cell PhonesIndia is now the second-largest producer of cell phones in the world, with Apple subsidiaries like Foxconn setting up manufacturing units in the country. Mobile phone exports from India touched the $11 billion mark in March 2023.Even semiconductor manufacturing multinational firms have evinced their interest in setting up their plants in the world's largest democratic nation.As per a report published in February this year, New York-headquartered GlobalFoundries, Singapore's IGSS Ventures, and the International Semiconductor Consortium (ISMC) consortium spearheaded by Abu-Dhabi's Next Orbit Ventures are planning to begin operations in India.
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Modi Gov't Announces $2.06 Incentive Scheme For IT Hardware Manufacturers
The Product Linked Incentive (PLI) scheme announced by the federal government in April 2020 aims to make India a global electronics hub.
Prime Minister Narendra Modi's cabinet on Wednesday approved a $2.06 billion Production Linked Incentive Scheme 2.0 for firms that are in the business of manufacturing products like laptops, tablets, servers, and all-in-one PCs.
Under the PLI scheme, goods producers receive subsidies from the government after they register to manufacture their products in the South Asian nation.
From reduction in import duty to tax rebates, the government's subsidy, however, is linked to the number of units a company is manufacturing and selling.
Information Technology and Telecom Minister Ashwini Vaishnaw informed reporters about the decision after the cabinet meeting in New Delhi.
"For IT PLI, the budgetary outlay is INR 17,000 crore ($2.06 billion). The tenure of the program is 6 years," he said.
As per a government statement, the production of electronics products in India has seen exponential growth, with the industry registering an annual growth rate of 17 percent in the past eight years.
This year, manufacturing crossed a major milestone, breaching the $100 billion barrier. As of March, India had produced $105 billion worth of electronics products in the country.
The PLI scheme has played a huge part in giving a major fillip to electronics production in India.
India is 2nd Largest Manufacturer of Cell Phones
India is now the second-largest producer of cell phones in the world, with Apple subsidiaries like Foxconn setting up manufacturing units in the country. Mobile phone exports from India
touched the $11 billion mark in March 2023.
Even semiconductor manufacturing multinational firms have evinced their interest in setting up their plants in the world's largest democratic nation.
As per a report published in February this year, New York-headquartered GlobalFoundries, Singapore's IGSS Ventures, and the International Semiconductor Consortium (ISMC) consortium spearheaded by Abu-Dhabi's Next Orbit Ventures are planning to begin operations in India.
