India’s IT hardware sector has reached a major milestone, with 27 companies receiving approval under the Production Linked Incentive Scheme (PLI) in a short period of time, according to Union Minister for Communications, Electronics and IT, Ashwini Vaishnaw.
During a press conference, Vaishnaw stated that almost 95% of the approved companies, totaling 23, are ready to start manufacturing immediately. The remaining four companies are expected to commence production within the next 90 days.
The approved applications are projected to result in an additional investment of Rs 3,000 crores, with an overall production value of Rs 3.5 lakh crores. The direct employment generated is estimated at around 50,000, while indirect employment opportunities will reach approximately 1.5 lakh, contributing to a total employment boost of 2 lakh.
The 27 companies include major players like Dell, Foxconn, HP, Flextronics, Lenovo, and others, signaling a significant shift in the value chain toward India.
Introduced by Prime Minister Narendra Modi, the PLI Scheme for IT Hardware aims to enhance the IT hardware manufacturing ecosystem in the country. The scheme is anticipated to stimulate local manufacturing and foster the development of a robust supply chain within India.
The scheme is poised to bring expected incremental production of Rs 3,35,000 crores, an incremental investment of Rs 2,430 crores, and an anticipated direct employment boost of 75,000. It is part of India’s Atmanirbhar and ‘Make-in-India’ initiatives, aiming to enhance global competitiveness, attract investments, boost exports, integrate India into the global supply chain, and reduce dependency on imports across various sectors.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
