Thursday, 25 February 2021

India approves $1 billion plan to boost IT product exports

India on Wednesday approved a $1.02 billion plan to boost local manufacturing and exports of IT products such as laptops, tablets, personal computers, and servers, the technology minister said. The production-linked incentive (PLI) plan will help India export IT goods worth 2.45 trillion rupees, minister Ravi Shankar Prasad told a news conference. It provides manufacturers cash-backs of between 1% and 4% of additional sales of locally made goods over four years, with 2019-2020 as the base year. India plans to ban all private cryptocurrencies “The focus of the scheme is to get global champions to India and to make national champions out of local manufacturers,” Prasad said, adding that the plan could create roughly 180,000 jobs. The PLI plan is also likely to help US tech giant Apple Inc assemble some of its iPad tablets in India, Reuters previously reported. Prime Minister Narendra Modi’s policy push in the electronics sector has prompted Apple suppliers Foxconn and Wistron to expand in India and driven Pegatron to set up a base there. The three Taiwan companies have committed to invest roughly $900 million to make iPhones in India as part of a $6.7 billion PLI plan launched by the government last year. Investors jolted by sinking Bitcoin, Tesla and other market favorites Modi’s strategy, coupled with India’s huge market, has also helped turned the country into the world’s second-biggest mobile maker after China. New Delhi now wants to replicate the success of smartphone manufacturing with other electronics in a bid to cut imports. The federal cabinet last week approved a $1.68 billion plan to promote local manufacturing and export of telecoms and networking gear.

from Latest Technology News, Tech News Pakistan | eTribune

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