Approval of 16 proposals by center will enable companies to invest Rs, 11,000 crore in India

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According to the recent news, the government of the center has made it official now that cleared 16 proposals from large domestic as well as international companies. These proposals were regarding huge investments for the production of mobile phones in India under production linked incentive (PLI) scheme. In this investment, a total of Rs, 11,000 crore investment will be done and in the next five years, these companies will manufacture mobile phones of the value of around Rs 10.5 lakh crore.

The companies that have been approved by the center include many companies that are Apple’s contract manufacturers like Foxconn Hon Hai, Wistron, and Pegatron. And the other multinational companies that have been approved by the center include Samsung and Rising Star also. This statement has been passed by the Ministry of Electronics and Information Technology. Along with international companies, many other domestic companies have also been approved by the center that is Lava, Bhagwati (Micromax), Padget Electronics (Dixon Technologies), and UTL Neolyncs.

Also, six companies from Specified Electronic Components Segment have also been approved by the center, these companies are AT&S, Ascent Circuits, Visicon, Walsin, Sahasra, and Neolyncs.

After this approval by the center, it is expected that these companies will generate more than 2 lakh jobs directly in the coming five years, and along with these almost thrice the direct employment that is 6 lakh indirect jobs will also be created.

“The companies approved under the scheme will bring additional investment in electronics manufacturing to the tune of INR 11,000 crore,” the Ministry said in a statement.

The central government announced this Production Linked Incentive Scheme for large-scale electronics manufacturing in April and this scheme is going to focus on an increase in production in mobile phones and electronics goods.

The companies endorsed under the plan approved by the center are required to advance fares fundamentally. Out of the absolute creation of Rs 10.5 lakh crore in the following 5 years, around 60% will be contributed by fares of the request for Rs. 6.50 lakh crore.