Govt. to woo smartphone and component makers
By MYBRANDBOOK
India has drawn a strategy to make the country a global manufacturing base for mobile phones and their parts as it plans to offer financial incentives and other ready-to-use facilities. The plan, which has an outlay of about ₹50,000 crore, will initially aim to attract five global suppliers as well as five domestic companies.
According to the Ministry of Electronics and Information Technology (MeitY), the biggest chunk of about ₹40,000 crore will be offered as production-linked cash incentives of 4-6% on incremental sales of mobile phones and related parts made in India for a period of five years, with 2019-20 as the base year.
The government will also reimburse 25% of capital expenditure for companies producing electronic parts, semiconductors and other components under the Scheme for Promotion of Manufacturing of Components and Semiconductors (SPECS).
Addressing reporters, Ravi Shankar Prasad, Minister for Electronics and Information Technology, said the government’s decision can potentially turn India into a global hub for mobile phone production and make it the largest exported item out of the country, while generating half a million jobs.
The steps underscore efforts by Asia’s third-largest economy to lure global corporations seeking to diversify their production bases beyond China amid a trade war with the US and large-scale disruptions to supply chains from the coronavirus outbreak.
The Modi administration hopes that these steps would help lift the fortunes of the economy that is headed for a contraction this fiscal year due to the pandemic and an extended lockdown. This is aimed at not only attracting global mobile phone makers but also their supply chains.
“At the moment, the electronics industry is one of the fastest growing sectors; it’s expected to reach $400 billion by 2025 with potential import opportunity of $150 billion, which can be leveraged locally," said Manish Sharma, president and chief executive of Panasonic India.
The SPECS scheme will help “overcome disabilities of manufacturing electronic components in India", said Muralikrishnan B., chief operating officer of Xiaomi India.
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