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India says companies such as iPhone manufacturers have committed to invest $1.5 billion

via:CnBeta     time:2020/8/1 21:39:25     readed:110

22 companies, including Samsung Electronics and Apple's production and assembly partners, have committed to invest 110 billion rupees (1.5 billion US dollars) to set up mobile phone manufacturing units in India.Hon Hai, Wistron, Hewlett Packard and all iPhone manufacturers and assemblers have been selected into an incentive plan to produce smartphones, Ravi Shankar Prasad, Minister of electronics and information technology, said at a news conference in New Delhi on Saturday. He said the move is likely to increase telephone production to 11.5 trillion rupees in the next five years.

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The incentives aim to encourage multinationals to shift manufacturing to India. It is also part of India's call for self-reliance by Prime Minister modi to promote local manufacturing and reduce dependence on imports.

Prasad said :" This is not aimed at any country, but is positive for India ." He said the goal was to make India a major global player in electronic manufacturing.

The plan is expected to create 300000 direct jobs and 900000 indirect jobs in the next five years. Indian companies such as Dixon technologies and optiemus electronics have also applied to take advantage of the scheme. Companies that have submitted applications for parts manufacturing include ascent circuits and visicon, the government said in a statement.

Under the plan, the government will offer financial incentives of up to 6% for incremental sales of goods produced in the country over five years. It also promised to provide a 25% incentive for capital expenditure on the production of electronic components, semiconductors and other components.

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