India approves $1 billions PLI scheme to boost IT product exports

The production-linked incentive (PLI) plan will help India exports IT goods worth 2.45 trillion rupees, minister Ravi Shankar Prasad told in a press conference.

via ET Times

We approved a 73.5 billions rupees ( $1.02 billion ) plan to boost local manufacturing and exports of IT products such a laptops, tablets, persona computers and servicers.

Ravi Shankar Prasad told to media, The production-linked incentive plan will help India export IT goods worth 2.45 trillion rupees minister Ravi Shankar Prasad provides cash-backs of between 1% and 4% of additional sales of locally made goods to exports in the sale in between 2019-2020.

The focus of the scheme is get to global champions to India and make national champions out of local manufacturers. The PLI plan is also likely to help U.S tech giant Apple Inc assmbles Apple iPad devices , Tablets later this year.

Apple top supplier Foxconn and Wistron will likely to expand in India and Pegatron will also set up base in the next year 22. Prime minister Narendra Modi Aatmanirbhar Bharat coupled with India’s huge market have also helped turned the country into the world’s second – biggest mobile market after China.

The Indian cabinet last wee approved another $1.68 billion plan to promote local manufacturing and exports of telecoms and networking gear. Reliance Jio confirmed that they are investing $900 millions in manufacturing first data center hub in Uttar Pradesh.

Source