Government Approves Sops for Foxconn, Padget Electronics Under PLI Scheme?

Foxconn India, Padget Electronics and Padget Electronics have been approved by the government for incentives to mobile manufacturing in the production-linked incentive scheme (PLI) for large-scale electronic manufacturing (LSEM).

According to NITIAayog, Param Iyer, Chief Executive Officer of NITIAayog, approved two incentives for mobile manufacturing under the production linked incentive (PLI).

According to a statement, FoxconnHon Hai Technology India Mega Development was the first company approved under the target segment “Mobile Phones” to receive incentives under mobile manufacturing. This is based on its incremental investment and sales figures. The approved incentive amount is Rs. 357.17 crore.

According to the statement, Foxconn Hon Hai Technology India Mega Development (or Foxconn India), which is owned by Hon Hai/Foxconn Technology Group is part of Foxconn Group. Foxconn Group is the No. 1 manufacturer/assembler of mobile phones. Foxconn India, a multinational electronics contract manufacturer from Taiwan, has its headquarters in Tucheng City.

According to NITI Aayog, Padget Electronics, a homegrown company has been approved by Empowered Committee to receive an incentive under mobile manufacturing during the quarter January-March. This is based on Padget Electronics’ incremental investments and sales figures in the target segment ‘Mobile Phones. The approved incentive amount is Rs. 58.29 crore.

According to the statement, Padget Electronics, a Dixon Technologies wholly-owned subsidiary, has manufacturing facilities at Noida, Uttar Pradesh. Padget Electronics received Rs. According to NITI Aayog, Padget Electronics had already received Rs. 53.28 crore under the PLI Scheme for Large-Scale Electronic Manufacturing for August-December 2021 based upon its incremental investments and sales figures.

The Empowered Committee was formed by Param Iyer CEO of NITI Aayog, Secretary Alkesh Kumar Sharma Sharma (MeitY) Secretary, and other members. It considered the proposals to disburse incentives under the ministry of electronics and information technology.

Which smartphones are the most popular in India by 2022? This is Orbital. We also discuss it on the Gadgets 360 podcast. Orbital can be found on Spotify, Gaana and JioSaavn.

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