India's Economic Times reported on January 18 that according to industry insiders and government sources, Apple and Samsung Electronics will produce $5 billion worth of smartphones in India in fiscal 2022, more than 50% higher than the target set by the authorities, stimulated by the Indian Production Association Incentive (PLI) program. Among them, mobile phone exports under the plan will account for about $2 billion in fiscal year 2022.
In 2020, the Indian government launched the Production Associated Incentive (PLI) program. Under the plan, the Indian government will provide 4%-6% incentives for locally produced goods within 5 years, with a view to stimulating investment in India's telecommunications manufacturing industry. The total expenditure of the scheme is around Rs.410 crore.
Since taking office, Modi has been a strong advocate for the "Make in India" strategy, calling for true self-reliance and encouraging local manufacturing to create more jobs to revive the economy.
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