Local manufacturing in COVID-19 was extremely low or nil, now to boost IT products export India approves ₹7350 crore PLI plan.
The plan will be beneficial to IT products such as laptops, tablets, personal computers, and servers, the technology minister said today.
What is PLI?
The PLI is stands for production linked incentive and it is a scheme which aims to enhance the local companies productivity and expansion. It helps to reduce import and increase export of Indian goods.
It also attracts foreign investments in India and in turn employment generation. Keeping all this in mind India Approves ₹7350 Crore PLI Plan.
The PLI(Production Linked Incentive} plan will definitely help India’s export, which includes IT products such as laptops, tablets, personal computers, and servers.
The estimated exports worth is around ₹245000 crore, the minister explained in news brief.
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It provides manufacturers cash-backs of between 1 percent and 4 percent of additional sales of locally made goods over four years, with 2019-2020 as the base year.?
The focus of the scheme is to get global champions to India and to make national champions out of local manufacturers.
The PLI plan is also likely to help US tech giant Apple assemble some of its iPad tablets in India, Reuters previously reported.
The three Taiwan companies have committed to invest roughly $900 million (roughly Rs. 6,510 crores) to make iPhone models in India as part of a $6.7 billion (roughly Rs. 48,470 crores) PLI plan launched by the government last year.
To Boost IT Products Export India Approves ₹7350 Crore PLI Plan, which is the part of “Make in India”
Modi’s strategy, coupled with India’s huge market, have also helped turned the country into the world’s second-biggest mobile maker after China.
New Delhi now wants to replicate the success of smartphone manufacturing with other electronics in a bid to cut imports.
The federal cabinet last week approved a $1.68 billion (roughly Rs. 12,150 crores) plan to promote local manufacturing and export of telecoms and networking gear.
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