India is one of the leading countries in the consumption of foreign products. Most of the products in the field of technology are imported from abroad. But the central government is trying to change this.
India is urging multinational companies to increase import duty to encourage local production and exports and to export from India to the global market. As part of this project, the government has given permission to 16 companies to manufacture in India. This includes companies that make Apple products. India expects to invest Rs 10,50,000 crore in mobile phone manufacturing over the next five years.
The Union Ministry of Electronics and IT has given permission to companies like Foxconn Technology Group, Wistron Corp, Pegtron Corp and Samsung Electronics to manufacture. In addition to local distribution, the companies have been given manufacturing licenses with the aim of manufacturing products in India for the global market. It is expected that 60 per cent of the production will be exported within the next five years.
Multinational electronics manufacturing companies are coming to India as part of the Production Linked Incentive Program. Global companies are moving their factories out of China in the wake of the global market downturn with China. The government is taking advantage of this opportunity to attract companies to India. Local companies such as Lava, Padget Electronics, UTL Neolinks and Optimus Electronics have also been approved to be part of the Production Linked Incentive Program.
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