Sunday, 22 May, 2022
HomeTech3 iPhone makers get approval to make in India under Modi govt's...

3 iPhone makers get approval to make in India under Modi govt’s incentive plan

Apple’s primary suppliers Foxconn, Wistron and Pegatron, as well as Samsung are among a list of global firms cleared by India’s Ministry of Electronics and IT.

Text Size:

New Delhi: Major iPhone assemblers for Apple Inc. were among 16 companies that won approval to manufacture products in India under a plan aimed at attracting investment of more than 10.5 trillion rupees ($143 billion) for mobile-phone production over the next five years.

Apple’s primary suppliers — Foxconn Technology Group, Wistron Corp., Pegatron Corp. — and Samsung Electronics Co. were among a list of global firms that were cleared by India’s Ministry of Electronics and Information Technology, according to statement on Tuesday. About 60% of the total production, or 6.5 trillion rupees, is expected to be exported in the next five years, it said.

India is attempting to lure the world’s biggest smartphone brands to make their products locally for global export with its Production Linked Incentive program, which signposts plans to increase manufacturing inducements each year. Following clashes with China along its disputed Himalayan border earlier this year, New Delhi is seeking to woo companies looking to diversify their manufacturing bases away from China, as a growing global trade war and the Covid-19 pandemic have focused minds on the risks to supply chains.

Local manufacturers Lava, Padget Electronics Pvt., UTL Neolyncs and Optiemus Electronics Ltd. were also approved under the plan.- Bloomberg


Also read:It’s pouring investors for Mukesh Ambani as UAE’s ADIA buys Reliance Retail stake for $750 mn


 

Subscribe to our channels on YouTube & Telegram

Why news media is in crisis & How you can fix it

India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.

But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.

ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.

Support Our Journalism

Most Popular

×