The government intends to provide employment to its citizens across all skill levels. The government also wants to promote the level of the country in high-end electronics manufacturing. Under the leadership of Prime Minister Narendra Modi, the government also intends to challenge China as a center of exports.
To help attain the goals of a self-reliant and prosperous India, Production-Linked Incentive (PLI) scheme has been introduced for electronics manufacturing. Under the scheme the government will give financial benefits on a percentage basis as per capital investments made in the manufacturing facilities and also as per the number of units produced. The total incentive over the course of five years is capped at Rs 40,951 crore.
16 proposals of which five are from international manufacturers, and five are from Indian manufacturers have been approved. The international companies include Samsung and Rising Star. Also, manufacturers of Apple and other Foxconn, Wistron, and Pegatron are the participants. These companies will be manufacturing mobile phones with a sale price of Rs 15,000 or higher. The five Indian companies are Padget Electronics, Micromax, Padget Electronics, Optiemus Electronics, and Lava. Some other companies are Sahasra, Neolync, Visicon, AT&T, Ascent Circuits, and Walsin.
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From all these initiatives, the government looks forward to an investment of about Rs 11,000 crore as well as a production of about Rs 10.5 trillion over the next five years. Also, direct employment to about 200,000 and indirect employment to about 600,000 individuals are being projected.
Indian companies participating in the mission are being encouraged to become globally competitive and scale up and make a name for their brand and not come in and later fade out when the government’s initiative concludes after five years in 2025 by president of industry body Indian Cellular and Electronics Association, Pankaj Mohindroo.
Indian government seems to have played its cards well with the means of financial incentive. The jobs created will help not only the people employed earn livelihood but also the economy and the Indian nation.