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Government approves Rs 11k Cr investment to manufacture Mobile Phones in India

Made in India won’t be an actual thing until companies invest in the country. The support of the Indian Government is also as necessary as the money. Recently, the centre reported that the government had accepted 16 different proposals of Rs 11,000 crores of investment. The investment proposals were made by both foreign and domestic companies and will be used to manufacture mobile phones in India.

Plans to manufacture Mobile Phones in India

The proposal of investment was made under the production linked incentive(PLI) to manufacture smartphones worth Rs 10.5 lakh crores over the next 5 years. This huge amount of money and the made in India move will be very beneficial for the country’s growth.

manufacture Mobile Phones in India

Image Source: TechRadar

The foreign companies that made the proposals of investment were Samsung and Rising Star, Foxconn Hon Hai, Wistron and Pegatron, contract manufacturers of Apple. At the same time, the domestic companies were Lava, Micromax, Padget Electronics (Dixon Technologies) and  UTL Neolyncs.

The specified electronic component segments companies were AT&S, Ascent Circuits, Visicon, Walsin, Sahasra, and Neolyncs. The Ministry said, “The companies approved under the scheme will bring additional investment in electronics manufacturing to the tune of INR 11,000 crore”.

Benefits of made in India

The move of companies to manufacture smartphones in India will result in 2 lakh direct jobs in India. The job opportunities will be three times more than the normal opportunities. The number of smartphones manufactured will be so large that out of the total amount of 60% will be exported to other countries.

manufacture Mobile Phones in India

Image Source: Scroll.in

With so many companies moving into India, we will see a lot of industrialisation and modernisation in the country. It will also help in boosting the GDP of the country. With huge investments flowing in from foreign and domestic companies and setting up of factories is going to huge improve India’s economy. It is also going to reduce the prices of the products made in India.

The move to manufacture mobile phones in India will also help improve the dollar-rupee ratio. Slowly but steadily the world’s biggest economy that India is we can expect to fortify rupees position internationally. Finally, the development of rural areas will also happen due to industrialisation. In the long run, the made in India move will surely prove beneficial for the country.

What are your thoughts on smartphone companies investing to make phones in India? Will you be into getting a made in India phone? Do let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Read: Ergos secured additional Rs 38.5 Cr from Chiratae Ventures, Aavishkaar Capital



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