India

Smartphones, elements price Rs 11.5 lakh crore to be manufactured in India in subsequent 5 years: Ravi Shankar Prasad

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Union IT Minister Ravi Shankar Prasad on Saturday acknowledged that Rs 11.5 lakh crores price cellphones and elements can be produced in India within the subsequent 5 years beneath the Production-Linked Incentive (PLI) Scheme.

He mentioned that round 22 firms have utilized beneath the scheme.

These firms will produce cellphones and elements in India price Rs 11.5 lakh crores within the coming 5 years, out of which merchandise price Rs 7 lakh crores can be exported,” Prasad mentioned whereas addressing a press convention on Saturday.

He mentioned these firms will create three lakh direct and round 9 lakh oblique jobs.

Prasad mentioned this scheme shouldn’t be towards any nation, it’s only India constructive. 

“I do not wish to take the name of any country. We have got proper rules and regulations with regard to our security, bordering countries, all those compliances are important,” he mentioned.”We are optimistic and looking forward to building a strong ecosystem across the value chain and integrating with the global value chains, thereby strengthening electronics manufacturing ecosystem in the country,” he added.

Prasad mentioned that PLI Scheme has been an enormous success when it comes to the functions obtained from world in addition to home cell phone manufacturing firms and digital elements producers.The PLI Scheme, which extends an incentive of four per cent to six per cent on incremental gross sales (over base yr) of products beneath goal segments which are manufactured in India to eligible firms for a interval of 5 years subsequent to the bottom yr, for large-scale electronics manufacturing was notified on April 1, 2020.

“Over the next five years, the scheme is expected to lead to total production of about Rs 11.5 lakh crore. Out of the total production, companies under mobile phone (invoice value Rs 15,000 and above) segment have proposed a production of over Rs 9 lakh crore, the companies under mobile phone (domestic companies) segment have proposed a production of about Rs 2 lakh crore and those under specified electronic components segment have proposed a production of over Rs 45,000 crore,” the Ministry of Electronics and IT mentioned within the assertion.

Prasad additional mentioned that the scheme will assist in making India a aggressive vacation spot for electronics manufacturing and support AtmaNirbhar Bharat.

(With ANI inputs)



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