New Delhi, NFAPost: MAIT, India’s APEX electronics industry association, lauded the Ministry of Electronics and Information Technology decision to approve plans of 16 companies for starting work under the production linked incentive (PLI) scheme.
The Ministry of Electronics and Information Technology, in an official release, said on Tuesday that it approved plans of 16 companies, including Apple’s contract manufacturers Foxconn Hon Hai, Wistron and Pegatron, for starting work under the production linked incentive (PLI) scheme.
Apart from the three contract manufacturers of Apple, other global companies such as Samsung and Rising Star have also been given approval for making mobile phones in the Rs 15,000 and above value segment.
Among the domestic players, companies such as Lava, Micromax’s parent company Bhagwati Products, Padget Electronics, UTL Neolyncs, and Optiemus Electronics were granted approval by the IT Ministry, the release said.
Commenting on the development, MAIT President Nitin Kunkolienker said the new strategy of export-led growth will help create expansion of manufacturing in India and will help to achieve scale.
“This will also help in expanding the value chain of components etc. Further this will also enable Indian manufacturers of both finished products and components to participate in global value chains. The policy was a result of MAIT’s continuous focus and strenuous efforts put forth along with the government,” said MAIT President Nitin Kunkolienker.
MAIT also thanked the Indian government for such an incentive launch and appreciate the great effort towards making a manufacturing destination.
“The PLI scheme will play a vital role in increasing employment generation and contribute directly to the country’s economic growth. We congratulate the manufacturers and Brands on getting the approval for the scheme,” said MAIT President Nitin Kunkolienker.
MAIT, is India’s APEX electronics Industry association representing the IT, Mobile, Datacom, Consumer Electronics, White Goods, Industrial Electronics and Services subsectors of Electronics industry. MAIT is recognised by both the Government, as well as the industry, for its role in the growth and development of the Electronics industry.