Powering Up Production with the Production-Linked Incentive Scheme - Revolutionizing Mobile Manufacturing and Electronic Components

Accelerating Growth: A Look at India's Production-Linked Incentive Schemes

As India continues to strive for economic development, the government has implemented various policies and schemes to boost various sectors of its economy. One such initiative is the Production-linked Incentive (PLI) scheme, aimed at incentivizing manufacturers to invest and produce in India. The PLI schemes offer eligible companies incentives ranging from four to six percent on incremental sales over a four to six-year period, providing a direct subsidy for domestically manufactured goods. The schemes are not only meant to provide a boost to the manufacturing sector but also promote inclusive growth across the country.

 

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Implementation of the Schemes

The Production-linked Incentive (PLI) schemes are a comprehensive policy initiative implemented by the government to boost the manufacturing sector in India. These schemes offer varying incentives to eligible companies across different sectors, with the goal of attracting domestic and global players to invest and produce in India. The PLI schemes offer varying incentives across sectors and the savings generated from one sector can be allocated to other sectors in order to maximize returns. The scheme is intended to attract large domestic and global players to participate in production in India, thereby leading to more inclusive growth across the country.

 

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Sectors Covered Under India’s PLI Schemes

India's PLI schemes provide incentives to a diverse range of sectors that are crucial for economic growth and development. The sectors that are currently covered under India's PLI scheme are:

 

     Automobiles and auto components

     Drones and drone components

     Advanced chemical cell batteries

     Electronics and IT hardware

     Food processing

     Medical devices

     Specialty steel

     Pharmaceuticals (PLI Phase 1.0 and PLI Phase 2.0)

     White goods

     Solar photovoltaic modules

     Telecom and networking products

     Textiles and apparels

This initiative is expected to provide a much-needed boost to these sectors, making India a hub for manufacturing and promoting inclusive growth across the country.

 

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Targeting Mobile Manufacturing and Electronic Components

The government has recently announced a PLI scheme for mobile manufacturing and specified electronic components, with incentives of 4% to 6% for a period of five years.

 

The mobile manufacturing and specified electronic components industry is a vital sector for any economy, as it plays a crucial role in driving innovation and creating jobs. However, in recent years, the industry has faced several challenges, which have hindered its growth and development.

 

One of the major challenges facing the industry is the intense global competition. With the rise of China as a major player in the global manufacturing market, many countries, including India, have found it difficult to compete in terms of cost, efficiency, and quality. This has led to a decline in the market share of mobile manufacturing and specified electronic components in India. The current share of mobile and specified electronic component manufacturing in India is around 3% which is significantly lower compared to the other nations.

 

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Another major challenge is the lack of a conducive ecosystem for the industry to thrive. This includes a lack of infrastructure, supply chain, and skilled workforce. Furthermore, the high cost of raw materials, lack of access to capital, and bureaucratic red tape have also hindered the growth of the industry.

 

Given these challenges, it is clear that a comprehensive policy intervention is needed to revive the mobile manufacturing and specified electronic components industry in India. This is where Production-linked Incentive (PLI) schemes come in. PLI schemes are designed to provide financial incentives to companies that invest in manufacturing in India and meet certain performance criteria.

 

A simple way to put this, the mobile manufacturing and specified electronics industry is growing due to the increasing demand for smartphones, tablets, laptops, and other electronic devices. Consumers are constantly looking for new and advanced technology, and this has led to the growth of this industry.

 

One of the key reasons why the Product linked incentive scheme is the right option for this industry is that it helps to boost domestic manufacturing. This scheme provides financial incentives to companies that manufacture products in India, which helps to create jobs and increase economic growth. Additionally, this scheme helps to promote the use of locally manufactured products, which can reduce dependence on imports and increase the competitiveness of domestic manufacturers.

 

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Another reason why this industry will benefit from the Product linked incentive scheme is that it can help to improve the quality of products. The scheme provides incentives for companies that invest in research and development, which can lead to the development of new and advanced technology. This can help to improve the quality of products and increase the competitiveness of domestic manufacturers.

 

 

 

Scheme Initiative

This PLI scheme is designed to encourage companies to invest in manufacturing in India and create jobs in the country. It will provide financial incentives to companies that invest in mobile manufacturing and specified electronic components, and that meet certain performance criteria. The goal is to increase the share of mobile and specified electronic component manufacturing in India from the current level of around 3% to 10% by 2025.

 

The PLI scheme will be implemented by the Ministry of Electronics and Information Technology (MeitY) and will be open to companies that manufacture mobile phones and specified electronic components in India. For a period of five years, eligible companies will receive a 4% to 6% incentive on incremental sales (over a base year) of goods manufactured in India and falling into the target segments.

 

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The Plan Secures Benefits

The scheme is expected to benefit a wide range of companies in the mobile and electronic component manufacturing industry, including multinationals and Indian companies. The government hopes that the scheme will attract significant investment in the sector and create new jobs, as well as increase the competitiveness of Indian companies in the global market.

 

The PLI scheme is a major step forward for India's manufacturing sector and will help the country to become a global hub for mobile and electronic component manufacturing. The scheme is expected to bring new investment and jobs to the country and will boost the economy as a whole. Furthermore, it will also help in creating an ecosystem for the industry to thrive.

 

As a result of fierce global competition and a dearth of supportive ecosystems, India's mobile manufacturing and specific electronic component industries are currently facing formidable obstacles. PLI schemes are an effective tool to revive the industry by providing financial incentives to companies that invest in manufacturing in India and meet certain performance criteria, which will help in increasing the competitiveness of Indian companies and creating new jobs.

 

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