Make in India: Govt Gets Rs 90,000 cr Investment Proposals for Electronics Manufacturing
Make in India, an initiative by the Government has been constantly in the news for few months now. Ever since its inception, manufacturing companies seem to have making a beeline to open up their manufacturing shops in India. Jobs market has grown by 118%, and Make In India has played a major part in the picture as per the analysts. Make in India has been a pivotal factor in boosting the electronic produce in the country. Over last few months, global corporations like Lenovo, Motorola, LG, Foxconn and many others have announced their plan to start domestic manufacturing.
Taking the electronic produce to the next level, the government has received Rs 90,000 crore investment proposals in the last two months for electronics manufacturing in India, with both local and foreign firms showing significant interest in making mobile phones. “About Rs 90,000 crore worth of proposals were received in the last two months. There is hardly any company, which has not shown interest to manufacture in India,” said Ajay Kumar, additional secretary in the communications ministry.
The smartphone market in India is increasing every passing day and night; it will now become a manufacturing hotspot too. According to CyberMedia Research, 24.8% of smartphones sold in the country during the April-June quarter were made locally, up 19.9% from the preceding quarter.
Modi’s aggressive push for foreign manufacturers to ‘come, make in India’ is uplifting the ailing manufacturing sector in India. Single-window clearances, minimal procedures and cutting out of any red-tapism- PM Modi’s Make in India is a vital impetus for employment and growth. The expansion is serving as an additional opportunity for the vendors and original equipment manufacturers with increased local production and lesser imports of products.
The government has received Rs 1.10 lakh-crore worth of proposals in the last 1-year from various companies for electronics manufacturing under the modified special incentive package scheme. Of this, over 80% have materialized in the last two months. “There is significant interest in mobile phones. Now we are seeing a lot of players are coming in, both Indian companies and foreign ones. They are increasing their presence here,” Kumar said. The companies that have shown interest to produce in India are Airbus, Phillips, Thomson, Samsung, LG and Flextronics.
If all the plans succeed or if the investors again run away because of the legal hassles with some other government in the country, we do not know. But if we go by our ancestors and ancient Indian history, there is a possibility that these manufacturers are here to stay!
Here is a recap of all the major Make in India initiatives over last few months
- Samsung to invest upto $1 billion in Uttar Pradesh; Sony will start manufacturing as well
- Ford will open Rs 6000 crore factory in India
- Foxconn, SoftBank and Bharti to invest $20 billion in Solar Energy
- Foxconn will create 10 lakh jobs in India and manufacture iPhone
- LG announced Rs 1000 crore investment for domestic manufacturing
- Hero Group to manufacture electronics products in India
- Microsoft and Motorola will start local manufacturing
- Gionee will kickstart local manufacturing of their phones
- Lenovo will manufacture smartphones in India
- Airtel will make Make in India set-top boxes
- Japan to establish 11 industrial townships & double their investment
- Rs 4.5 Lakh Crore investments pledged during Digital India week
- Lava to invest Rs 2615 crore in India
- Foxconn commits investment of Rs 31000 crore in Maharashtra
- Phicomm to invest Rs 6300 crore in India