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 "Smartphone Manufacturing, Google")
According to the Centre’s data, the scheme boosted the production and exports of mobile phones from India. (Image: Bloomberg)
The Production Linked Incentive (PLI) scheme for telecom equipment manufacturing has achieved a remarkable feat, with sales surpassing Rs 50,000 crore. The Centre announced this milestone on Wednesday.
Within three years, the Telecom PLI scheme attracted investments of Rs 3,400 crore, with telecom equipment production exceeding Rs 50,000 crore and exports totalling Rs 10,500 crore, the data shared by the Centre revealed.
The scheme has pushed the production, employment generation, economic growth, and exports in the country, the Ministry of Communications indicated in an official press release.
Telecom equipment manufacturing sales cross Rs 50,000 crore milestone under the PLI SchemeDue to Government push, telecom equipment exports (Rs 1.49 lakh crore) and imports (Rs 1.53 lakh crore) in FY 2023-24 at similar levels
PLI Schemes contribute to increase in production,…
— PIB India (@PIB_India) July 10, 2024
The Centre noted that under the scheme, a total of 17,800 direct jobs were created. “The government’s initiatives have successfully promoted local production, reduced import dependency, and enhanced domestic manufacturing capabilities,” it said.
What is the PLI scheme for electronics manufacturing?
The PLI scheme for ‘Large Scale Electronic Manufacturing of Electronic’ covers the manufacture of mobile phones and their components.
It is designed to align with Prime Minister Narendra Modi’s vision of ‘Atmanirbhar Bharat’ (self-reliant India). The scheme aims to make India a global hub for telecom equipment production. Under its provisions, the Centre offers financial assistance to manufacturers based on their “incremental sales from products manufactured in India.”
According to the Centre’s data, the scheme boosted the production and exports of mobile phones from India. It said that in 2014-15, India produced 58 million units while importing 210 million units. However, by 2023-24, the scenario reversed: India produced a significant 330 million units and imported only three million units. Moreover, the country exported close to 50 million units in this period, it said.
The Centre also reported a significant reduction in the trade deficit for the telecom sector (both telecom equipment and mobiles put together), from Rs 68,000 crore to Rs 4,000 crore over the past five years.
First Published: Jul 10 2024 | 1:01 PM IS
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