Categories: Business

2 dozen companies plan to set up mobile phone factories in India

Photo: FILE PHOTO

companies plan to set up mobile phone factories in India

new Delhi. A government-specific strategy to attract companies eager to exit China is working. Nearly 2 dozen foreign companies have expressed their willingness to invest in setting up plants in the country after the announcement of incentives to companies making electronic products. These companies also include big names like Samsung and Apple. These companies have plans to invest $ 150 million or about 11 thousand crore rupees in India.

The government has announced this scheme to make India the largest center of mobile production, according to which companies producing from the country will be given 4 to 6 percent incentive based on production. This scheme will remain in force for 5 years. The scheme has started from 1st August. This year, the government has announced an incentive of up to Rs 5300 crore. According to reports, Samsung, Foxcomm and Winstron have applied under this incentive scheme only last month. Other companies applying on the same include Pegatron Corp. Domestic company Lava has also applied under the scheme. The government has announced a similar scheme for mobile sector companies as well as for companies in the pharma sector. In the future, sectors such as auto, textile and food processing can also be included in such schemes.

Many companies are trying to move out of China due to US-China tensions and epidemics, in addition to the cost of manufacturing in China is now higher than before, companies are also looking for options in other countries for production. The government hopes that such incentive scheme will generate 10 lakh additional jobs in the next 5 years.

This post was published on August 17, 2020 7:55 pm

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