Government clears 16 firms for product-linked incentive scheme

NEW DELHI: The authorities, on Tuesday, accepted purposes of 16 electronics firms together with 10 cell phone producers for reward below the product-linked incentive scheme for whole disbursement of Rs 40,000 crore.

The worldwide mobile phone manufacturing companies which are accepted to avail incentive for producing cellphones with bill worth Rs 15,000 and above are Samsung, Foxconn Hon Hai, Rising Star, Wistron and Pegatron.

Out of those, three firms particularly Foxconn Hon Hai, Wistron and Pegatron are contract producers for Apple iPhones. Apple (37%) and Samsung (22%) collectively account for practically 60% of world gross sales income of cellphones and this scheme is predicted to extend their manufacturing base manifold within the nation.

Domestic cell phone makers who’ve been accepted by the ministry of electronics and IT (MeitY) are Lava, Bhagwati (Micromax), Padget Electronics, UTL Neolyncs and Optiemus Electronics who’ve proposed manufacturing output value Rs 1.25 lakh crore over the following 5 years, the ministry stated in a press release.

Six firms are accepted below the Specified Electronic Components Scheme which embrace AT&S, Ascent Circuits, Visicon, Walsin, Sahasra, and Neolync.

The chosen producers are anticipated to generate Rs 10.5 lakh value of whole manufacturing, of which 60% could be exported. Out of whole, manufacturing of Rs 9 lakh crore is predicted from handset makers alone. Those below Specified Electronic Components phase have proposed a manufacturing of over INR 15,000 crore.

The firms themselves will make investments Rs 11,000 crore in Indian electronics manufacturing business.

“The scheme will generate greater than 2 lakh direct employment alternatives in subsequent 5 years together with creation of further oblique employment of practically three instances the direct employment,” MeitY stated.

Domestic Value Addition is predicted to develop from the present 15-20% to 35-40% in case of cellphones and 45-50% for digital parts.

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