India approves Samsung and Apple for $143 billion smartphone manufacturing plan

India approves Samsung and Apple for $143 billion smartphone manufacturing plan. This will make India as Global hotspot for Smartphone exports

According to the report by TechCrunch,India approves Samsung and Apple partners to produce manufacture smartphone locally in India for the next five years.

As per the report, In a statement Tuesday evening, Indian Ministry of Electronics and Information Technology (MeitY) said these companies will be producing smartphones and other electronics components worth more than $143 billion over the next five years. In return, India will offer them an incentive of 4% to 6% on additional sales of goods produced locally over five years, with 2019-2020 set as the base year.

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“Apple and Samsung together account for nearly 60% of global sales revenue of mobile phones and this scheme is expected to increase their manufacturing base manifold in the country,” the ministry said.

“Industry has reposed its faith in India’s stellar progress as a world class manufacturing destination and this resonates strongly with Prime Minister’s clarion call of AtmaNirbhar Bharat – a self-reliant India,” the ministry added.

This will certainly boost mobile manufacturing units in India as the global companies looking to move from China to India. This will boost local jobs in India and also India might become Global hotspot for exporting smartphones.

Indian firms Lava, Bhagwati (Micromax), Padget Electronics, UTL Neolyncs and Optiemus Electronics have also received the approval. But Chinese smartphone makers Oppo, Vivo, OnePlus and Realme that had not applied for the program. This is a bit concerning because chinese these unapplied companies holds majority of market in India.

We should see how Indian Government will make India as Global hotspot for mobile exports

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