India launched a $6.65 billion plan on Tuesday to boost electronics manufacturing, saying it would start by offering five global smartphone makers incentives to establish or expand domestic production.
The government is offering a production-linked incentive involving cash worth 4% to 6% of additional sales of goods made locally over five years, with 2019-2020 as the base year, technology minister Ravi Shankar Prasad told a news conference.
Five Indian firms would also be selected for the PLI scheme, which, along with two other related initiatives, could help India produce smartphones and components worth 10 trillion rupees by 2025, Prasad said. Global players such as Samsung and Taiwanese firms Foxconn and Wistron, which both supply Apple, have already ramped up local production, attracted by India’s huge market of 1.3 billion people.
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