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The government grants Foxconn Rs 357 crores under the PLI for mobile phones.

The government grants Foxconn Rs 357 crores under the PLI for mobile phones.

The 14 sectors’ strengths, production capacities, and desire to become world leaders are the cornerstone of the PLI plans as envisaged by the Hon’ble Prime Minister. Another significant development today was the approval of incentives for mobile industrial production under the Output Incentive (PLI) system for the Big Electronics Industrial production (LSEM) sector by the Empowered Committee, led by CEO, NITI Aayog, for two companies—one domestic and the other international.foxconn: govt clears rs 357-cr sop for foxconn india unit under pli scheme, telecom news, et telecom

The first international business to receive approval for the target sector “Mobile Phones” is M/s Foxconn Hon Hai Technologies Indian Mega Development Pvt. Ltd. Based on its additional investments and sales data (Category: Bill Worth Rs 15,000 and Above), will be eligible to earn an incentive under the mobile manufacturing program from Aug. 1, 2021, through Mar. 31, 2022. The authorized incentive amount is Rs 357.17 crores.

Based on its additional investments and sales results under the target segment “Mobile Phones,” M/s Padget Electronics Private limited. Ltd., a domestic firm, has been approved by the Committee to earn incentives under mobile production for January-March 2022. (Category-Domestic Companies). The authorized incentive amount is Rs 58.29 crores.government clears rs 357 crore sop for foxconn india unit under pli scheme - the economic times

Manufacturing facilities are located in Noida, Uttar Pradesh, and Padget Electronics Pvt. Ltd. is a wholly-owned subsidiary of Dixon Technological Trends. Based on its further investments and sales, Padget Electronics has already been awarded Rs 53.28 crores under the PLI plan for Major Electronics Manufacture for the months of August through December 2021.

International corporations had to spend Rs. 2,50 crore and generate minimal additional sales of Rs. 4,050 crore, while local companies had to pay Rs. 50 crore and generate minimal other sales of Rs. 500 crores in the first year.

After much waiting, the incentives were finally accepted, and the audit process and mobile phone factory pricing were established. This is crucial to companies like Samsung, which manufacture their cell phones.smartphone news - latest smartphone news, information & updates - telecom news -et telecom

Samsung, a Korean manufacturer In the initial year of this program, just one firm submitted an incentive request, and that company achieved the incremental production objective for 2020–21. However, officials did not approve the application due to an enhanced examination of the company’s invoice.

New Delhi, Dec. 20 (PTI) The government has passed the Production-Linked Incentive plan for mobile phones, awarding Rs 357.17 crore to Apple’s supplier Foxconn India & Rs 58.29 crore to Dixon Technologies unit Padget Electronics.

foxconn news - latest foxconn news, information & updates - telecom news -et telecom

This is the first time the government has authorized a reward for a foreign company producing electronics in the country.
Foxconn Hon Hai Technology India Vital Private Limited is the first global corporation to have received orders under the targeted market “Mobile Phones” (in the category of invoice value systems of Rs 15,000 and above) to obtain inspiration under mobile factory output for the period August 1, 2021-Mar. 31 2022, according to its capital investment and sales figures.

The incentive sum that has been authorized is Rs 357.17 crores, according to a statement from Niti Ayog on Tuesday.

The headquarters of the multinational Taiwanese electronics contract company Foxconn India is in Tucheng, New Taipei City. The PLI plan for Big Electronics Manufacturing (LSEM) received an investment of Rs 4,784 crores as of September 2022, resulting in total output of Rs 2,03,952 crores, including Rs 80,769 crore in exports. Mobile phone production has increased from roughly six crores in 2014–15 to about 31 crores in 2021–22.r.k associates - valuation & transaction advisory services

In the fiscal years 2021–2022, India exported mobile phones worth Rs. 45,000 crores. “Based on its additional investments and sales results within the target sector “Mobile Phones,” the Empowered Committee has allowed Padget Electronics Pvt Ltd, a national firm, to earn incentives under mobile manufacture for January–March 2022. The authorized incentive amount is Rs. 58.29 crores, “The declaration read.

Based on its increased investments and sales, the business has already been awarded Rs 53.28 crores under the PLI plan for prominent electronics manufacturing for August through December 2021.

The Empowered Committee, made up of NITI Aayog CEO Param Iyer, DPIIT Director Anurag Jain, MeitY Staffer Alkesh Kumar Sharma, and others, evaluated the suggestions for incentive payments provided by the Ministry of Electronics and IT. The PLI plan for LSEM attracted an expenditure of 4,784 crores as of September of the year, resulting in total output of 2,03,952 crore, comprising exports of 80,769 crores.govt approves rs 357 crore for foxconn under pli for mobile phones

The program has also led to the creation of 40,916 jobs. By 2025–2026, the manufacture of electronics is anticipated to reach $300 billion.

Leading international firms, including Foxconn, Samsung, Pegatron, Rising Star, and Wistron, have joined the PLI for the Major Electronics Manufacturing sector. Leading local companies like Lava, Micromax, Optiemus, United Telelinks Neolyncs, and Padget Electronics have also joined this program.

While Padget Electronics has been given approval for incentives of 58.29 crores for increased sales and enrollments from January to March 2022 in Noida, Uttar Pradesh, Padget Electronics, a wholly owned subsidiary of Dixon Technologies, maintains manufacturing facilities.

According to the statement, the PLI plan for Large-Scale Electronics Production is making progress toward making India a competitive location for industrial automation and supporting Atmanirbhar Bharat while producing more global winners in this industry.govt approves rs 357 crore for foxconn under pli for mobile phones - rediff.com business

The PLI Plan has contributed to an increase in smartphone manufacturing from over 6 million in 2014–15 to around 31 million in 2021–22. Similarly, India has experienced a dramatic increase in its exports of mobile phones. Primarily by Samsung and Apple. India shipped Rs Mobile phone sales reached Rs. 45,000 crores in FY 2021–22, and as of November 2022, the current fiscal year’s mobile phone exports would surpass Rs. This period saw exports of more than 40,000 crores, nearly twice as much as last year.

 

 

 

 

 

 

 

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