An empowered committee has approved production-linked incentives for Foxconn India and Padget Electronics for large-scale electronics manufacturing, according to the NITI Aayog.
Foxconn Hon Hai Technology India Mega Development Pvt.—the Indian subsidiary of Taiwan-based Foxconn Group—is the first global player to receive approval for PLI in the mobile phone manufacturing segment.
The company will receive incentives to the tune of Rs 357.17 crore for mobile manufacturing between Aug. 1, 2021 and March 31, 2022, the government think tank said in a statement on Tuesday.
The company has been selected for PLI scheme in the category of mobile phones with an invoice value of Rs 15,000 or above.
Padget Electronics Pvt., wholly owned by Dixon Technologies India Ltd., will receive Rs 53.28 crore for mobile manufacturing between August 2021 and December 2021.
Incentives will be awarded to both the companies based on their incremental investments and sales figures, the NITI Aayog said.
According to the think tank, the PLI scheme for large-scale electronics manufacturing has attracted investments worth Rs 4,784 crore by September this year. The value of total production under the scheme stands at more than Rs 2.04 lakh crore, including exports worth Rs 80,769 crore.
The scheme also created 40,916 jobs and the electronics manufacturing industry is expected to rise to $300 billion by 2025-26, it said.
Mobile phone production has risen from about 6 crore in 2014-15 to 31 crore in 2021-22, it said. Mobile phone exports stood at Rs 45,000 crore in value during the fiscal ending March 2022.
In the current year, up to November, the value of mobile phone exports is Rs 40,000 crore, which is more than double the exports made during the same period last year, the NITI Aayog said.
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