New Delhi, Sep 26 (SocialNews.XYZ) Driven by the production-linked incentive (PLI) scheme, the overall production of electronics in the country has surged to Rs 9.52 lakh crore, from Rs 1.9 lakh crore 10 years back, growing at a compound annual growth rate (CAGR) of 17.4 per cent, the government has informed.
India has reached Rs 6.61 lakh crore in total value of production, above the target that has been set by the government. The overall investment has been Rs 9,100 crore, also above the target.
The mobile PLI scheme set a target to achieve cumulative production of Rs 4.39 lakh crore in 2023-24 and Rs 8.12 lakh crore during the five-year scheme period till FY 2026.
When it comes to mobile exports, it was about Rs 1.2 lakh crore in 2023-24 and has increased 77 times from 2014-15.
In 2014-15, the country exported mobile phones worth about Rs 1,566 crore and now, the country is exporting mobile phones worth about Rs 1.2 lakh crore.
According to IT Ministry, the total employment has crosses 1.22 lakh under the mobile PLI scheme, which is also above the target.
The country’s mobile phone manufacturing in value has risen to Rs 4.1 lakh crore in India in the last 10 years due to strategic government policy measures like PLI and phased-manufacturing programme (PMP) schemes.
As the country becomes the second largest mobile manufacturer in the world, global manufacturing companies like Samsung, Apple and Google are making their latest generation smartphones in India.
According to S Krishnan, Secretary, MeitY, the country has emerged as the world's second-largest manufacturer of mobile phones. “The government's priority has always been to enable PLI beneficiaries to maximise their benefits, meet targets, and ultimately enhance India's business environment,” Krishnan noted.
Finance Minister Nirmala Sitharaman said recently that with a three-fold increase in domestic production and an almost 100-fold jump in exports of mobile phones over the last six years, the mobile phone industry has matured in the country.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz