Categories: Business

Samsung may shift major part of phone production to India says a report


Samsung may shift major part of phone production to India

new Delhi. India's campaign to become a leading country in mobile production has started getting success. According to an Economic Times report, Samsung, the leading phone manufacturer, can deploy a large part of its mobile production unit in India. The government has launched a production linked incentive scheme for mobile phone manufacturers to set up their units in India. Samsung has also made its application under this scheme.

Based on the source, the report said that Samsung is planning to produce mobiles in India under the incentive scheme of the Government of India, which will affect the production capacity in countries like Vietnam. South Korea's electronic giant Samsung will manufacture devices worth Rs 3 lakh crore in the next 5 years under the government's Production Linked Incentive Scheme.

Vietnam is Samsung's second largest manufacturing center after China. If Samsung shifts part of its unit to India, then not only will it provide employment on a large scale, but India will also become a hum manufacturing center in the coming years. The government launched the PLI scheme on 1 April, in which several production incentives for domestic manufacturing units were announced. As of August 1, around 22 companies have applied for the scheme. It also includes Samsung.

The government has estimated that the companies participating in this scheme will manufacture more than Rs 11 lakh crore worth of equipment in the country in the coming 5 years, out of which Rs 7 lakh crore equipment will be exported.

This post was published on August 20, 2020 3:15 am

Content Team

Recent Posts

Ban on gaming apps hopes for opportunity for domestic sector

Photo: MEDIATEK online gaming new Delhi. The government has banned 118 apps keeping in mind the security of the country.…

India august gold imports double to hit 8 months peak says source

Photo: TIMESOFINDIA gold import at 8 months high new Delhi. The economy is now looking forward to a gradual recovery.…

Coal India Q1 profit plunges 55 percent YoY

Photo: GOOGLE Coal India Q1 result new Delhi. Coal India's profit fell 55 per cent in the first quarter to…