Apple, Samsung, Lava Wants To Invest Rs 11 Lakh Crore For Making Smartphones In India
In an expected investment proposal amounting upto Rs. 11,50,000 crore, the PLI scheme is designed to boost manufacturing of all the accessories and components required in mobile production, on Indian lands, in order to establish India as the next manufacturing hub.
All the Foreign and Domestic Manufacturers
Foreign companies like Apple’s iPhone key manufactures Foxconn Hon Hai, Wistron and Pegatron, including Samsung and Rising Star have submitted their proposals to participate in this Government scheme.
Please note that Pegatron (Taiwanese company) has invested in India for the very first time.
In fact not just foreign players, home grown smartphone players like Lava, Micromax, Dixon Technologies, Sojo Manufacturing Services, Optiemus Electronics and Padget Electronics are also among the 22 names who have submitted their applications for the country’s mega investment in mobile manufacture.
The government is happy to see these Indian mobile manufacturers in the applicant list, as the scheme shall help them transform into champions.
Let’s Talk Numbers
The investment proposals are expected to amount to a total of Rs 11.5 lakh crore, in total production, in the coming 5 years.
According to the production proposal, foreign companies are estimated to produce over Rs. 9,00,000 crore, with a threshold of Rs 15000 per unit, while domestic companies are estimated to contribute to the production of Rs 2,00,000 crore.
The remaining Rs. 45,000 crore worth production, out of the total proposed invested sum, will go to the Specified Electronic Components segment.
Apple and Samsung together constitute about 60% of revenue in global salesof mobile phones and accessories.
Through this PLI scheme introduces by the Indian govt, there is a high chance of increasing the manufacturing bases in India.
Not only this, the anticipated production units is likely to create employment potential in the next 5 years: 3 lakh direct employment opportunities, while 9 lakh indirect opportunities.