NEW DELHI: The executive has authorized Rs 357.17 crore for Apple’s seller Foxconn India and Rs 58.29 crore for Dixon Technologies subsidiary Padget Electronics below the Production-Linked Incentive plan for cell phones,
This is the primary time the federal government has cleared an incentive of a world corporate engaged in electronics production within the nation.
“Foxconn Hon Hai Technology India Mega Development Pvt Ltd is the first global company that has been approved under the target segment ‘Mobile Phones’ (in the category of invoice value of Rs 15,000 and above) to receive incentive under mobile manufacturing for the period 1 August 2021–31 March 2022 based on its incremental investments and sales figures.
“The incentive quantity authorized is Rs 357.17 crore,” NITI Aayog said in a statement on Tuesday.
Foxconn India is a Taiwanese multinational electronics contract manufacturer with its headquarters in Tucheng, New Taipei City.
As of September 2022, the PLI scheme for Large-Scale Electronics Manufacturing (LSEM) attracted investments of Rs 4,784 crore, and led to total production of Rs 2,03,952 crore, including exports of Rs 80,769 crore.
The production of mobile phones has risen from about 6 crore in 2014-15 to around 31 crore in 2021-22.
India exported Rs 45,000 crore-worth of mobile phones in FY 2021-22.
“Padget Electronics Pvt Ltd, a home corporate, has been authorized by means of the Empowered Committee to obtain incentive below cell production for the quarter January–March 2022 in keeping with its incremental investments and gross sales figures below the objective phase ‘Mobile Phones’. The incentive quantity authorized is Rs 58.29 crore,” the commentary mentioned.
The corporate has already gained an quantity of Rs 53.28 crore below the PLI scheme for Large-Scale Electronics Manufacturing for the length August–December 2021 in keeping with its incremental investments and gross sales figures.
The proposals for disbursement of incentives, introduced by means of Ministry of Electronics and IT, have been thought to be by means of the Empowered Committee, comprising NITI Aayog CEO Param Iyer, DPIIT Secretary Anurag Jain, MeitY Secretary Alkesh Kumar Sharma, and others.
This is the primary time the federal government has cleared an incentive of a world corporate engaged in electronics production within the nation.
“Foxconn Hon Hai Technology India Mega Development Pvt Ltd is the first global company that has been approved under the target segment ‘Mobile Phones’ (in the category of invoice value of Rs 15,000 and above) to receive incentive under mobile manufacturing for the period 1 August 2021–31 March 2022 based on its incremental investments and sales figures.
“The incentive quantity authorized is Rs 357.17 crore,” NITI Aayog said in a statement on Tuesday.
Foxconn India is a Taiwanese multinational electronics contract manufacturer with its headquarters in Tucheng, New Taipei City.
As of September 2022, the PLI scheme for Large-Scale Electronics Manufacturing (LSEM) attracted investments of Rs 4,784 crore, and led to total production of Rs 2,03,952 crore, including exports of Rs 80,769 crore.
The production of mobile phones has risen from about 6 crore in 2014-15 to around 31 crore in 2021-22.
India exported Rs 45,000 crore-worth of mobile phones in FY 2021-22.
“Padget Electronics Pvt Ltd, a home corporate, has been authorized by means of the Empowered Committee to obtain incentive below cell production for the quarter January–March 2022 in keeping with its incremental investments and gross sales figures below the objective phase ‘Mobile Phones’. The incentive quantity authorized is Rs 58.29 crore,” the commentary mentioned.
The corporate has already gained an quantity of Rs 53.28 crore below the PLI scheme for Large-Scale Electronics Manufacturing for the length August–December 2021 in keeping with its incremental investments and gross sales figures.
The proposals for disbursement of incentives, introduced by means of Ministry of Electronics and IT, have been thought to be by means of the Empowered Committee, comprising NITI Aayog CEO Param Iyer, DPIIT Secretary Anurag Jain, MeitY Secretary Alkesh Kumar Sharma, and others.