Proposals of ₹11K Cr Cleared To Produce Mobile Phones

The central government on Tuesday said it has approved of 16 proposals from domestic and international companies with an investment of Rs 11,000 crore under the production linked incentive (PLI) scheme to manufacture mobile phones worth Rs 10.5 lakh crore over the next five years.

According to an official statement, the companies include iPhone maker Apple's contract manufacturers Foxconn Hon Hai, Wistron, and Pegatron, apart from Samsung and Rising Star while domestic companies while include Lava, Bhagwati (Micromax), Padget Electronics (Dixon Technologies), UTL Neolyncs and Optiemus.

Additionally, proposals of six companies in the electronic components segment have also been approved. These companies are AT&S, Ascent Circuits, Visicon, Walsin, Sahasra, and Neolync.

The Production Linked Incentive Scheme for Large Scale Electronics Manufacturing was notified on April 1, 2020.

"The Ministry of Electronics and Information and Technology (MeitY) has approved 16 eligible applicants under the PLI Scheme," an official statement said.

The companies approved under the scheme will generate more than 2 lakh direct jobs in the next five years, along with indirect employment of nearly three times the direct employment opportunities, the statement said.

"The companies approved under the scheme will bring additional investment in electronics manufacturing to the tune of INR 11,000 crore," MeitY said.

"Over the next 5 years, the approved companies under the PLI Scheme are expected to lead to total production of more than Rs 10.5 lakh crore," the statement added.