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Samsung planning to shift export-centric smartphone production to India under the PLI scheme
Samsung may be looking to shift smartphone production from Vietnam and other countries, into India under the PLI scheme. Read on to know more!
The Indian government recently dropped a few onerous clauses from the Production-Linked Incentive (PLI) scheme, alongside planning an incentive program worth $6.6 billion. The idea was to invite companies to manufacture their goods in India with a view to not only supply into the country, but also export from it. The changes appear to be coming to fruition, as Samsung is now said to be considering shifting a major part of its smartphone production from Vietnam and other countries into India.
India eases restrictions and plans $6.6 billion to boost smartphone manufacturing
India plans to ease restrictions and provide $6.6 billion in incentives to boost smartphone manufacturing in the country.
In an attempt to attract more foreign investment from smartphone manufacturers during these trying times, the Indian government has dropped a few clauses from its production-linked incentive (PLI) scheme and has planned an incentive of about $6.6 billion. According to a recent report from the Economic Times, officials familiar with the matter have revealed that the government has dropped a clause that "evaluated plant and machinery brought into India at 40% of its value" which was opposed mainly by Apple.