Friday, May 7, 2021
Home Business BUSINESS:The PLI scheme, open for a total of five years, aims to...

BUSINESS:The PLI scheme, open for a total of five years, aims to give out incentives worth Rs 5,334 crore in total in the first year

The Ministry of Electronics and Information Technology, in an official release, said on Tuesday 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.

The Indian Express had, in July, reported that Samsung, Pegatron, and Rising Star were the first global applicants for the government’s PLI scheme. The Centre had, in April, notified the new PLI scheme, under which companies that set up new mobile and specified equipment manufacturing units or expanded their present units would get incentives of 4-6 per cent on incremental sales from goods made in India.
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.

In the specified electronic component segment, Austria’s AT&S, US-based Visicon, as well as others such as Ascent Circuits, Walsin, Sahasra, and Neolync were granted approval to set up units under the PLI scheme.
The PLI scheme, open for a total of five years, aims to give out incentives worth Rs 5,334 crore in total in the first year, to be divided among all the successful applicants. The total incentive to be given to each company will be decided by an empowered committee, which will have secretaries from the Department of Economic Affairs, Department of Expenditure, Department of Revenue, Department for Promotion of Industry and Internal Trade, Directorate General of Foreign Trade, apart from the MeitY secretary and the CEO of the Niti Aayog.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Germany rejects US proposal to waive patents on Covid-19 vaccines

President Joe Biden on Wednesday voiced support for a waiver in a sharp reversal of the US position, and his top trade negotiator, Katherine...

Reluctant EU ready to discuss Covid vaccine IP waivers – latest updates

A healthcare worker prepares a dose of the Pfizer/BioNTech Covid-19 vaccine, which was authorized by Canada to be used for children aged 12 to...

Central team arrival soon after govt formation irks Mamata

West Bengal Chief Minister Mamata Banerjee on Thursday accused the BJP of inciting violence and criticised the Union government for sending a team to...

‘बहुत कम ऑक्सीजन बचा है, नहीं बचेंगे मरीज’, कहकर फफक पड़े इस अस्पताल के सीईओ

देश की राजधानी दिल्ली में ऑक्सीजन की किस कदर किल्लत है, इसका अंदाजा एक डॉक्टर के आंसुओं को देखकर सहज ही लगाया जा सकता...

Recent Comments