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Sales of telecom equipment have surpassed the Rs 50,000 crore milestone under the Production Linked Incentive (PLI) scheme. According to a press release by the Ministry of Communication, this accomplishment reflects the success of governmental efforts to bolster <keyword id="20053977" type="General" weightage="20" keywordseo="domestic-manufacturing" source="keywords">domestic manufacturing</keyword> and reduce import dependence, aligned with Prime Minister Narendra Modi's vision of 'Atmanirbhar Bharat'. Within three years of its inception, the Telecom <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> has attracted an investment of Rs 3,400 crore, surpassing the Rs 50,000 crore milestone in telecom equipment production, with exports reaching approximately Rs 10,500 crore. This achievement has resulted in the creation of more than 17,800 direct jobs and numerous indirect employment opportunities, underscoring the robust growth and competitiveness of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s telecom manufacturing sector. Government initiatives aimed at promoting local production and reducing import dependency have played a pivotal role in this success, aiming to bolster domestic manufacturing capabilities and position India as a global hub for telecom equipment production, read the press release. The Production Linked Incentive Scheme for Large Scale Electronic Manufacturing of Electronics, encompassing mobile phone and component manufacturing, has significantly boosted both production and export figures. From producing 5.8 crore mobile phones and importing 21 crore units in 2014-15, India manufactured 33 crore phones domestically in 2023-24, with only 0.3 crore units imported and nearly 5 crore units exported. The value of mobile phone exports surged from Rs 1,556 crore in 2014-15 to Rs 1,28,982 crore in 2023-24, highlighting substantial growth and reduced import reliance. India, historically a net importer of telecom gear, has seen a transformative shift due to initiatives like <keyword id="20262813" type="General" weightage="20" keywordseo="Make-in-India" source="keywords">Make-in-India</keyword> and the PLI scheme, resulting in domestic equipment production valued at over Rs 50,000 crore, read the press release. The <keyword id="22354280" type="General" weightage="20" keywordseo="telecom-equipment-manufacturing" source="keywords">telecom equipment manufacturing</keyword> sector has shown exceptional growth under the PLI scheme, with total sales exceeding Rs 50,000 crore, marking a 370 per cent increase compared to the base year of FY 2019-20. Generating over 17,800 direct jobs and additional roles across the manufacturing value chain, fostering economic growth and development. Encouraging local production, the scheme has reduced India's reliance on imported telecom equipment by 60 per cent, enhancing national security and self-reliance in critical technologies. Indian manufacturers are now competing globally, offering high-quality products at competitive prices, particularly in advanced telecom technologies like 5G. Under the stewardship of the Department of Telecommunications (DoT) and Ministry of Electronics and Information Technology (MeitY), initiatives like the PLI Scheme for Telecom and Networking Products have significantly narrowed the gap between telecom imports and exports, read the press release. In FY 2023-24, exports of telecom equipment and mobiles combined totaled over Rs 1.49 lakh crore, slightly below imports valued at Rs 1.53 lakh crore, reflecting India's growing export prowess in the sector. Minister of Communications and Electronics, Ashwini Vaishnaw, posted on X, "The reality of mobile phone, electronics and telecom product manufacturing is known to all except those who don't like our country's progress. In 2014-15, India produced only 5.8 Crore mobile phones and imported about 21 Crore mobile phones. In 2023-24, Bharat produced 33 Crore phones and exported close to 5 Crore mobile phones. Telecom equipment manufacturing was a dream for India. PLI enabled telecom manufacturing. In 2023-24, telecom equipment production topped benchmark of Rs. 45,000 Crore. Exports crossed Rs. 10,500 Crore. Guess who else, apart from Congress, doesn't like our country emerging as a manufacturer of mobile phones and telecom equipment?" Over the past five years, the trade deficit in telecom products has decreased from Rs 68,000 crore to Rs 4,000 crore, demonstrating the PLI schemes' success in enhancing India's global competitiveness and attracting investments in cutting-edge technologies. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/xiaomi-su7-with-up-to-800-km-range-showcased-in-india-but-you-cant-buy-it/slidelist/111609513.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/xiaomi-su7-with-up-to-800-km-range-showcased-in-india-but-you-cant-buy-it/slidelist/111609513.cms" target="_blank">Xiaomi SU7 with up to 800 km range showcased in India but you can’t buy it</a><a href="https://www.businessinsider.in/tech/mobile/news/redmi-13-5g-with-120hz-display-launched-in-india-starting-at-13999/articleshow/111604488.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-13-5g-with-120hz-display-launched-in-india-starting-at-13999/articleshow/111604488.cms" target="_blank">Redmi 13 5G with 120Hz display launched in India starting at ₹13,999</a><a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-unpacked-how-to-watch-expected-launches-and-everything-you-need-to-know/articleshow/111626712.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-unpacked-how-to-watch-expected-launches-and-everything-you-need-to-know/articleshow/111626712.cms" target="_blank">Samsung Galaxy Unpacked – How to watch, expected launches and everything you need to know</a>

India's telecom equipment manufacturing sales cross ₹50,000 crore under PLI scheme

Union Minister for Communications, Electronics and IT, <keyword id="7796574" type="General" weightage="20" keywordseo="Ashwini-Vaishnaw" source="Orion">Ashwini Vaishnaw</keyword>, announced a significant milestone in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s IT hardware sector, stating that 27 companies have received approval under the <keyword id="8940266" type="General" weightage="50" keywordseo="production-linked-incentive-scheme" source="Orion">Production Linked Incentive Scheme</keyword> (<keyword id="53367" type="General" weightage="100" keywordseo="pli" source="Orion">PLI</keyword>) within a short timeframe. Vaishnaw said, "As you're aware, a few months back, PM Modi approved the Production Linked Incentive Scheme (PLI) scheme for IT hardware. And within the very short time frame, I'm very happy to announce that 27 companies have been approved for the PLI." During a press conference, Vaishnaw highlighted that nearly 95 per cent of these approved companies, totalling 23, are ready to commence immediate manufacturing. <keyword id="14377000" type="General" weightage="50" keywordseo="vaishaw" source="Orion">Vaishaw</keyword> said, "The best part is almost 95 per cent of these, the exact number is 23 out of these are ready to start their manufacturing on day 0. And about 4 companies will start their manufacturing within 90 days". Minister added, "These 27 applications will lead to about investment of Rs 3 thousand crores additional production amount Rs 3 lacs 50 thousand crores and direct employment of about Rs 50 thousand and indirect employment about a lac and 50 thousand. So total employment about 2 lac will be created. The value chain is shifting to India". The remaining four companies are expected to initiate manufacturing within the next 90 days. The approved applications are projected to result in an additional investment of Rs 3,000 crores, with an overall production value of Rs 3.5 lakh crores. The direct employment generated is estimated at around 50,000, while indirect employment opportunities will reach approximately 1.5 lakh, contributing to a total employment boost of 2 lakh. Vaishnaw mentioned 27 companies that have received the PLI approval include Dell, Foxconn, HP, Flextronics, Padget, Lenovo, New Link, Zenus, Mega and <keyword id="545507" type="General" weightage="50" keywordseo="optimus" source="Orion">Optimus</keyword>, signalling a significant shift in the value chain toward India. The PLI Scheme for IT Hardware, introduced by Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> and notified on May 29, 2023, with a budgetary outlay of Rs 17,000 crores, aims to enhance the IT hardware manufacturing ecosystem in the country. The scheme is anticipated to stimulate local manufacturing, encouraging the localization of components and sub-assemblies and fostering the development of a robust supply chain within India. Ashwini Vaishnaw previously reported an outstanding response to the PLI scheme for laptops and PCs, with 32 applications received, including major players like HP India, Dell, Acer, Lenovo, and Thomson. The scheme is poised to bring expected incremental production of Rs 3,35,000 crores, an incremental investment of Rs 2,430 crores, and an anticipated direct employment boost of 75,000. The PLI schemes, a part of India's Atmanirbhar and 'Make-in-India' initiatives, aim to enhance global competitiveness, attract investments, boost exports, integrate India into the global supply chain, and reduce dependency on imports across various sectors. (ANI) SEE ALSO: <a href="https://www.businessinsider.in/sports/webstories/ind-vs-aus-icc-world-cup-final-past-battles-head-to-head-record-and-more/slidelist/105309620.cms">India vs Australia ICC World Cup final – Past battles, head-to-head record and more</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-strengthens-market-leadership-with-3-25-mn-new-subscribers-vis-decline-slows/articleshow/105289414.cms">Jio strengthens market leadership with 3.25 mn new subscribers, Vi’s decline slows</a> <a href="https://www.businessinsider.in/stock-market/news/after-two-months-of-selling-fpis-bet-big-on-india-after-diwali/articleshow/105282517.cms">After two months of selling, FPIs bet big on India after Diwali</a>

"27 companies have been approved for PLI": Ashwini Vaishnaw on India's IT hardware revolution

<keyword id="19900881" type="General" weightage="20" keywordseo="delhi" source="keywords">Delhi</keyword>'s finance minister Atishi presented the FY25 budget in the state assembly on Monday with an outlay of Rs 76,000 crore, announcing the 'Mukhyamamantri Mahila <keyword id="20820458" type="General" weightage="20" keywordseo="samman-yojana" source="keywords">Samman Yojana</keyword>' under which women aged 18 and above will get Rs 1,000 per month, and asserted the government is inspired by the ideals of <keyword id="20017410" type="General" weightage="20" keywordseo="ram-rajya" source="keywords">Ram Rajya</keyword>. In the budget tabled in the state assembly ahead of the general elections, she also announced that the Business Blasters scheme, which was till now being implemented in schools, will now be implemented in universities and Industrial Training Institutes (ITIs). Last year, the government had allocated Rs 78,800 crore for the financial year 2023-24 and announced nine schemes as part of the G20 preparations. The Delhi government's budget size for 2022-23 was Rs 75,800 crore and Rs 69,000 crore in the preceding year. This was the first time that Atishi presented the budget after taking charge of the finance department last year. In her budget speech, she remembered Manish Sisodia, former education minister, and <keyword id="20115511" type="General" weightage="20" keywordseo="satyendar-jain" source="keywords">Satyendar Jain</keyword>, former health minister, for their roles in shaping the education and health models in the national capital. "This is a moment of pride that the Kejriwal government is presenting its tenth budget today. I am not just presenting the tenth budget but a picture of changing Delhi. Kejriwal came as a ray of hope. We are all inspired by Ram Rajya. We are working hard towards realising the dream of Ram Rajya," she said. She proposed an allocation of Rs 16,396 crore for the education sector and highlighted the achievements of the AAP (Aam Aadmi Party) government in the field. Under the education budget, Rs 100 crore has been allocated to the State Council of Educational Research and Training (SCERT) for training teachers, and another Rs 150 crore has been proposed for the construction of new schools and classrooms. She proposed Rs 45 crore for the maintenance of existing classrooms and Rs 42 crore for Schools of Specialised Excellence in the 2024-25 fiscal. The minister announced an allocation of Rs 118 crore for sports education, Rs 1,212 crore for higher education and technical education and Rs 15 crore for "Business Blasters Senior". "The Kejriwal government will implement Business Blaster scheme in its universities and Industrial Training Institutes through Rs 15 crore allocation in budget," she added. The government announced a budget of Rs 8,685 crore for the health sector with Rs 6,215 crore being proposed for hospitals to maintain good facilities. "Under the Delhi government, there are 38 hospitals where treatment is provided free of cost to more than 81,000 OPD patients daily and 65,806 IPD patients monthly," she said. OPD stands for out-patient department, while in-patients department is referred as IPD. There are 530 Mohalla Clinics in Delhi currently, where every day, 64,000 people receive free medicines, tests, and treatment. So far, Mohalla Clinics have conducted more than seven crore OPD visits, she said. 'Farishtey Dilli Ke' scheme has saved the lives of 22,000 people, she shared. The minister announced a budget outlay of Rs 6,216 crore for various schemes under the Social Welfare Department, Women and Child Development Department and SC/ST/OBC Welfare Department. The government announced an allocation of Rs 2,000 crore for the 'Mukhyamantri Mahila Samman <keyword id="19955331" type="General" weightage="20" keywordseo="yojana" source="keywords">Yojana</keyword>' for the welfare and empowerment of women from 2024-25. Under this scheme, woman above 18 years of age will get Rs 1,000 per month, she said. For a woman to become eligible under the scheme, she should be a Delhi voter, should not be availing benefits under any other government scheme and should not be an income taxpayer, she said. According to the final electoral roll of Delhi published in January this year, there are 67,30,371 female voters in the national capital. Atishi announced an allocation of Rs 664 crore for all nutrition-related schemes. In 2014-15, the budget for law and justice was Rs 760 crore, she said. "I am delighted to share that by 2024-25, it has increased by nearly four-fold to reach Rs 3,098 crore," she said. The minister announced that in 2024-25, the Delhi government will begin the construction of four court complexes in Rohini, Karkardooma, Shastri Park, and Rouse Avenue. "These will include courtrooms, lawyer chambers, libraries, and modern facilities, totalling 250 new courtrooms. The number of people receiving free legal services through the Delhi State Legal Services Authority was 33,000 in 2016. Last year, this figure increased nearly four-fold, reaching 1.25 lakh," she shared. The finance minister announced an allocation of Rs 902 crore for unauthorised colonies. Talking about the transport sector, she said that Delhi will have over 10,000 buses in its fleet, including 80 per cent electric buses. She announced Rs 7,195 crore for the Delhi Jal Board, Rs 510 crore for induction of electric buses in DTC and cluster buses fleet and Rs 500 crore for Delhi Metro. 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Delhi govt presents FY25 budget with ₹76,000 crore outlay; to give ₹1,000 per month to every woman

<ul><li>The <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> will be tabled by the finance minister Nirmala Sitharaman on July 23.</li><li>The <keyword id="20081557" type="General" weightage="20" keywordseo="auto-industry" source="keywords">auto industry</keyword>’s expectations from the Budget 2024 include FAME 3 scheme, incentives for hybrids and more.</li><li>Here are the key expectations from the auto industry for the Budget 2024.</li></ul> The Budget 2024 is set to be tabled on July 23 by the finance minister Nirmala Sitharaman and like each sector, the Indian auto industry also has set a lot of expectations from the Narendra Modi-led government’s first budget of its third term. From a boost to electric vehicles to infrastructure development, the auto sector has a series of expectations that it hopes will be addressed in the upcoming budget. This article delves into the key budget expectations of the auto industry in India <h2>FAME 3 scheme</h2>The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME 2) has been integral for the electric vehicle (EV) makers as it has helped keep EVs affordable for the common man. With the government<a href="https://www.businessinsider.in/business/auto/news/government-is-reportedly-reworking-the-fame-ii-scheme-to-ensure-companies-use-domestic-components/articleshow/93752352.cms"> reworking</a> the FAME 2 scheme and then<a href="https://www.businessinsider.in/business/auto/news/electric-scooters-get-a-price-hike-of-up-to-16000-as-fame-subsidy-ends/slidelist/109136771.cms"> ending the scheme</a>, the prices of EVs have increased. <div type="Article" hostid="261" msid="111573138" title="Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?" mstype="2" mssubtype="0"></div> With Budget 2024, EV makers will look towards the government for the FAME 3 scheme. The government is expected to announce the FAME 3 scheme with an outlay of ₹10,000 crore. While the exact details of the scheme will only be known once the budget is announced, it will be aimed at boosting demand by subsiding the cost, while also promoting local manufacturing of key components. “In the upcoming budget, we advocate for initiatives and subsidy structures without segment caps which will in turn foster innovation and growth across multiple segments. Recent discussions surrounding the implementation of FAME 3 present a notable opportunity to enhance EV adoption in India,” said Niraj Rajmohan, CTO and Co-Founder, Ultraviolette. "Proposed measures to promote e-buses and enhance payment security are crucial for accelerating sustainable transportation. Comprehensive support for the entire EV ecosystem is essential. Anticipated policy reforms like FAME-III and increased funding for critical EV segments will foster holistic industry growth," said Kartikey Hariyani, Founder and CEO, Charge Zone. <h2>Petrol and diesel under GST</h2>One of the frequent demands recently has been to bring petrol and diesel under goods and services tax (GST) to bring the fuel prices under control. Oil Minister Hardeep Singh Puri has said that the government will try to bring petrol and diesel under GST. At present, the central government levies excise duty on petrol and diesel, while the state government imposes value-added tax (VAT) and sales tax. <h2>Incentives for hybrids</h2>While electric vehicles have long been subsidised by both state and central governments, hybrids have not received the same love. Union Minister Nitin Gadkari had earlier this year<a href="https://www.businessinsider.in/business/auto/news/gadkari-vows-to-eliminate-petrol-diesel-vehicles-in-india-bats-for-lower-tax-for-hybrid-cars/articleshow/108936085.cms"> pitched</a> for lower GST on hybrid vehicles. “The proposal to reduce GST on hybrid vehicles to 5% and to 12% for flex engines has been sent to the Finance ministry which is considering the requisition,” Gadkari said. Companies like Maruti Suzuki have a strong presence in hybrids and have a lot to gain from incentives, while companies like Tata Motors who do not have hybrid technology may take a hit on EV sales. With the government looking to reduce dependence on petrol and diesel cars, hybrids may finally get some incentives in the upcoming budget. The UP government has already started offering incentives to select hybrid cars. <h2><keyword id="22433272" type="General" weightage="20" keywordseo="vehicle-scrapping" source="keywords">Vehicle scrapping</keyword></h2>Industry bodies such as the Society of Indian Automobile Manufacturers (SIAM) have sought incentives for vehicle scrapping. These are vehicles that have crossed a certain age and are being scrapped keeping in mind the pollution. While a policy is already in place, the stakeholders are looking for increased incentives, especially for commercial vehicles such as trucks and buses, which account for most of the emissions. <h2>PLI scheme</h2>Automakers are also looking for increased incentives under the Production Linked Incentive (PLI) scheme, for both ICE and EVs. Companies want the scheme to be expanded to more components, including tyres, which have seen a lot of changes. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-biggest-ipos-in-indias-history-lic-to-paytm-companies-that-have-raised-the-most-funds/articleshow/111690863.cms">The biggest IPOs in India’s history – LIC to Paytm, companies that have raised the most funds</a> <a href="https://www.businessinsider.in/business/auto/news/its-raining-discounts-maruti-suzuki-hyundai-tata-motors-and-others-offer-discounts-on-cars-as-sales-slowdown/articleshow/111688501.cms">It’s raining discounts – Maruti Suzuki, Hyundai, Tata Motors and others offer discounts on cars as sales slowdown</a> <a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-increase-platform-fee-by-20-food-deliveries-to-get-costlier/articleshow/111758782.cms">Zomato and Swiggy increase platform fee by 20% – food deliveries to get costlier</a>

Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry

<ul><li>Akhter led a <keyword id="145965" type="General" weightage="20" keywordseo="semiconductors" source="Orion">semiconductors</keyword> trade mission to <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> and met top government officials in the Capital.</li><li>India's semiconductor component market is likley to reach $300 billion in cumulative revenues by 2026. </li><li>Last year, the government announced a ₹ 76,000 crore performance linked incentive (<keyword id="53367" type="General" weightage="50" keywordseo="pli" source="Orion">PLI</keyword>) scheme in the semiconductor sector . </li></ul> As the US and India join hands to address semiconductors supply chain challenges, the <keyword id="99719" type="General" weightage="50" keywordseo="joe-biden" source="Orion">Joe Biden</keyword> government's offer to provide assistance to India to build up its semiconductor manufacturing capacity appears to be just lip service, Chinese state-run publication Global Times has said. US deputy assistant secretary, South and Central Asia, Afreen Akhter, during her visit to India this week, said they will help India boost its semiconductor manufacturing capacity. Akhter led a semiconductors trade mission to India and met top government officials in the Capital. According to Global Times, the announcement is designed to "lure India into a geopolitical game to exclude <keyword id="1334" type="General" weightage="50" keywordseo="china" source="Orion">China</keyword> from the global chip industrial chain, rather than a commitment with real investment plans to support India's chip manufacturing." The report mentioned that the CHIPS and Science Act, that aims to provide $52 billion in subsidies for chip manufacturers to build fabrication plants in the US, is an attempt to build up an industrial chain focused on the interests of the US, "which is unlikely to bring benefits to India." India has introduced a series of preferential policies to attract chip companies to invest in production in the country. Last year, the government announced a ₹ 76,000 crore performance linked incentive (PLI) scheme in the semiconductor sector to boost local manufacturing. As India and the US double down on domestic semiconductor manufacturing, China witnessed its biggest-ever monthly decline in chip manufacturing in August owing to Covid restrictions and weakening demand. That was also the second consecutive month of decline for chip manufacturing. In July, the output nosedived 16.6 per cent to 27.2 billion units. Meanwhile, the Gujarat government has partnered Vedanta and Foxconn, aiming an investment of ₹ 1.54 lakh crore to achieve self-reliance in the field of semiconductor manufacturing. India's semiconductor component market is likley to reach $300 billion in cumulative revenues by 2026, as 'Make in India' and production-linked incentive (PLI) schemes will boost local sourcing of semi-components in the coming years, according to the report by the India Electronics &amp; Semiconductor Association (IESA) and Counterpoint Research. The report further said that as India wants to become a chip powerhouse, it "should not take the bait laid by American diplomats in the hope that the US will provide it with important resources." "First, the assistance that Akhter said the US would provide to India may not be delivered on," it added. "Even as the US chose India as a partner in semiconductor cooperation in geopolitical calculations, this doesn't mean it will really help India to boost the semiconductor sector," the report mentioned. The real question India faces is if it wants to upgrade its chip manufacturing sector and move toward the upstream industrial chain, "it must build up a solid industry basis, instead of pinning its hope on US lip service". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-unlikely-to-be-hit-as-hard-by-global-recession-as-other-countries-sbi-chairman/articleshow/94872601.cms">India unlikely to be hit as hard by global recession as other countries: SBI chairman</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/unseasonal-rains-have-damaged-crops-agri-minister/articleshow/94879881.cms">Unseasonal rains have damaged crops: Agri Minister</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-forex-reserve-declined-due-to-dollar-appreciation-fm/articleshow/94872555.cms">India's forex reserve declined due to dollar appreciation: FM</a>

US offer to help India in chip manufacturing just lip service: China

<ul><li>The domestic <keyword id="8530204" type="General" weightage="20" keywordseo="room-air-conditioner" source="Orion">room air conditioner</keyword> market had a volume of 6.4-6.8 million units and value of ₹17,000- 18,000 crore in FY22. </li><li>The industry has significant growth potential considering its low penetration of 7-9% of total urban Indian households. </li><li>Currently, <keyword id="17048051" type="General" weightage="20" keywordseo="rac-manufacturers" source="Orion">RAC manufacturers</keyword> in India have only 30-40% localisation levels. </li></ul>The Room <keyword id="6365348" type="General" weightage="20" keywordseo="air-conditioner" source="Orion">Air Conditioner</keyword> (<keyword id="70161" type="General" weightage="20" keywordseo="rac" source="Orion">RAC</keyword>) industry volumes is expected to grow by a further 15-20% in FY24, following a strong growth of 26-28% in FY23. This growth is due in part to the government's Production Linked Incentive (PLI) scheme, which has received a positive response from both global and domestic RAC companies. These companies have committed a capital outlay of ₹4,806 crore, which will help to reduce imports and support industry margins through backward integration, says a report by rating agency ICRA. The research also revealed that the domestic RAC market had a volume of 6.4-6.8 million units and a value of ₹17,000-18,000 crore in FY22, after recovering from the low caused by the pandemic in FY21. In FY23, the industry experienced a substantial increase in sales volume due to an extended and intense summer season, as well as pent-up demand. “ICRA foresees a healthy 15-20% jump in RAC volumes in FY24 supported by an underpenetrated market and expected harsh summers this year. The industry has significant growth potential considering its low penetration of 7-9% of total urban Indian households, compared to 90% in developed countries. Increasing urbanization, growing disposable income, improving consumer finance availability and increasing RACs per household are further expected to support the volume, as well as revenue growth,” says Sheetal Sharad, VP and sector head, corporate ratings, ICRA, Demand for air conditioners to further pick up during summer The pickup in demand for air conditioners was slightly delayed in January due to cold weather, but enquiries have picked up since then, reveals a sector update by BOB Capital Markets. Sales have increased month-on-month, with March showing particularly strong growth. As temperatures rise, April and May are expected to see further improvement in demand. Dealers anticipate 10-15% y-o-y sales growth for the summer season, with rural markets expected to grow by 10-15% and urban markets by 30-40%. Corporate sales have been better than retail sales, and are expected to remain strong throughout the summer season (March-June). In March, AC prices were raised by 4-8% (₹2,000- ₹2,500). Heavy dependence on imports for essential components However, ICRA research says that RAC manufacturers rely heavily on imports for essential components. The Central Government's PLI scheme for the AC sector, which provides manufacturers with incentives worth ₹6,238 crore, has received a positive response. ICRA predicts that this scheme will lead to capacity expansion over the medium to long term, decreasing import dependence from the current 60-70% to 20-30%, and ultimately promoting AC exports. Currently, RAC manufacturers in India have only 30-40% localisation levels. Key components like compressors, controllers, motors, fans, heat exchanger coils and PCBs are imported from China, Thailand and Malaysia. RAC manufacturers have been facing input cost pressures since the beginning of FY 22 given the elevated prices of commodities like copper and aluminum, and high import dependence. Moreover, adverse forex fluctuations impacted the cost structures of players. Consequently, the industry had to pass on the cost increases through multiple price hikes in FY22. In FY23, with softening of commodity prices, these cost pressures are estimated to have moderated to an extent.

Air conditioner market set grow on the back of government’s PLI scheme

The department of telecom on Thursday approved 31 proposals entailing an investment of Rs 3,345 crore over the next four and a half years. "The investment of Rs 3,345 crore in the next 4.5 years is just a beginning. Government is helping you (industry players) as a catalyst," minister of state for communications Devusinh Chauhan said. The companies selected for the <keyword id="8941225" type="General" weightage="20" keywordseo="pli-scheme" source="Orion">PLI scheme</keyword> include <keyword id="6354716" type="General" weightage="20" keywordseo="nokia" source="Orion">Nokia</keyword> India, <keyword id="281546" type="General" weightage="20" keywordseo="hfcl" source="Orion">HFCL</keyword>, Dixon Technologies, <keyword id="256305" type="General" weightage="20" keywordseo="flextronics" source="Orion">Flextronics</keyword>, <keyword id="6354671" type="General" weightage="20" keywordseo="foxconn" source="Orion">Foxconn</keyword>, <keyword id="12310778" type="General" weightage="20" keywordseo="coral-telecom" source="Orion">Coral Telecom</keyword>, VVDN Technologies, <keyword id="12224491" type="General" weightage="20" keywordseo="akashastha-technologies" source="Orion">Akashastha Technologies</keyword>, and GS India. The DoT notified the <keyword id="10781612" type="General" weightage="20" keywordseo="PLI-scheme-for-telecom" source="Orion">PLI scheme for telecom</keyword> and networking products on February 24, 2021, with a financial outlay of Rs 12,195 crore, over the five years. The scheme for telecom gear manufacturing in India is expected to encourage the production of equipment worth Rs 2.44 lakh crore and create direct and indirect employment for about 40,000 people. The investors can earn an incentive for incremental sales up to 20 times the committed investment, enabling them to reach global scales and utilise their unused capacity and ramp up production. "This is the first scheme among all PLI schemes, which includes MSMEs. Without this, we would have been handicapped," Coral Telecom managing director Rajesh Tuli said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/itc-surges-5-on-reports-of-potential-investment-from-an-e-commerce-titan/articleshow/87016393.cms">ITC surges 5% on reports of potential investment from an e-commerce titan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/urban-company-has-announced-a-12-point-agenda-to-improve-partner-earnings-after-over-100-workers-protest/articleshow/87015949.cms">Urban Company has announced a 12-point agenda to improve partner earnings after over 100 workers protest</a>

Nokia, Foxconn among global firms to benefit from India's telecom PLI scheme of ₹3,345 crore

<ul><li><keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> is looking to woo semiconductor players such as <keyword id="28115" type="General" weightage="100" keywordseo="intel" source="Orion">Intel</keyword>, <keyword id="171929" type="General" weightage="80" keywordseo="tsmc" source="Orion">TSMC</keyword> and <keyword id="229605" type="General" weightage="80" keywordseo="globalfoundries" source="Orion">GlobalFoundries</keyword>.</li><li>The government is currently in talks with these companies to set up local operations.</li><li>The government had announced a production-linked incentive (PLI) scheme worth ₹76,000 crore in 2021.</li></ul>In a bid to push the semiconductor industry, which is in nascent stages, the Indian government is wooing global chipmakers such as Intel, and Taiwan Semiconductor Manufacturing Co. and GlobalFoundries. According to a <a href="https://www.bloomberg.com/news/articles/2022-04-26/india-woos-intel-and-tsmc-to-set-up-local-semiconductor-plants">report</a> by Bloomberg News, the government is currently in talks with these companies to set up local operations, thereby bringing high-tech manufacturing to the country. Semiconductor chipsets are used across a wide range of consumer electronics like smartphones, laptops, computers, cars, smart home appliances and many other things. <cmsannotation type="cmsannotation" annotationid="India’s ₹76,000 semiconductor crore push" comment="subhead" text="India’s ₹76,000 semiconductor crore push">India’s ₹76,000 semiconductor crore push</cmsannotation> In December 2021, the Indian government <a href="https://www.businessinsider.in/policy/economy/news/india-makes-a-10-billion-bet-to-woo-chip-makers-at-home/articleshow/88298295.cms">announced</a> a production-linked incentive (PLI) scheme worth ₹76,000 crore (around $10 billion) for establishing a semiconductor ecosystem in the country. As part of the scheme, the government has offered to cover up to 50% of the project cost. “Most of the pitches to these big companies, I’m making myself. We’re meeting the CEOs, talking to them, making presentations,” Rajeev Chandrasekhar, minister of state for electronics and information technology said in an interview to Bloomberg News. Chandrasekhar added that states in India are competing to attract semiconductor giants. “They are all open to sitting down and negotiating what other incentives, apart from land, they can offer investors. It is a keenly contested, keenly sought-after investment by states,” he added. While a venture between Vedanta Group and Foxconn Technology Group has shown interest in setting up semiconductor foundries in the country, other companies are cautious due to issues such as power outages and infrastructure in the country. India achieved success in its aim of bringing smartphone manufacturing into the country thanks to the incentives offered by the government and the imposition of taxes on imported devices. However, setting up a semiconductor industry requires substantial investments and the government intends to only use incentives to attract the big players. <div type="twitter" handle="narendramodi" handlename="Narendra Modi" image="http://pbs.twimg.com/profile_images/1479443900368519169/PgOyX1vt_normal.jpg" favoritecount="17399" retweetcount="3184" status="Glad to have met you @PGelsinger! We had excellent discussions on subjects relating to tech, research and innovatio… https://t.co/nHjaU33Sw1" createdat="1649264685000" id="1511751779519954945"></div> Earlier this month, Intel chief Pat Gelsinger met with prime minister Narendra Modi. According to a Business Today <a href="https://www.businesstoday.in/latest/corporate/story/intel-ceo-pat-gelsinger-meets-pm-modi-discusses-tech-328932-2022-04-07">report</a>, the two discussed India’s PLI scheme for the semiconductor industry. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/after-google-now-oppo-is-reportedly-working-on-its-own-chipset-to-reduce-dependence-on-qualcomm-and-mediatek/articleshow/90700478.cms">After Google, now Oppo is reportedly working on its own chipset to reduce dependence on Qualcomm and MediaTek</a> <a href="https://www.businessinsider.in/thelife/news/rivian-ceo-warns-the-looming-ev-battery-shortage-will-make-the-chip-shortage-feel-like-a-small-appetizer-for-whats-to-come/articleshow/90919065.cms">Rivian CEO warns the looming EV battery shortage will make the chip shortage feel like 'a small appetizer' for what's to come</a> <a href="https://www.businessinsider.in/tech/news/semiconductor-ecosystem-us-will-help-india-to-boost-countrys-semiconductor-target/articleshow/90819637.cms">US will help India to boost country’s semiconductor ecosystem</a>

India is reportedly in talks with TSMC, Intel and other semiconductor giants to set up local production plants in the country

The government has approved the production-linked incentive (PLI) scheme for <keyword id="94769" type="General" weightage="20" keywordseo="drones" source="Orion">drones</keyword> and drone components for implementation during the current year (2022-23) till 2024-25 with an outlay of Rs 120 crore. Based on the consultations/meetings with the stakeholders, including the industry representatives and the concerned departments, the operational guidelines of the PLI scheme for drones and drone components have been finalised. A statement from the <keyword id="149609" type="General" weightage="100" keywordseo="ministry-of-civil-aviation" source="Orion">ministry of civil aviation</keyword> (MoCA) said that the objective behind this scheme is to incentivise the manufacturing of drones so as to make them self-sustaining and globally competitive. The statement said in order to make the country a global hub for the research and development, testing, manufacturing and operation of drones under the Atmanirbhar Bharat Abhiyan, the liberalised <keyword id="2730972" type="General" weightage="20" keywordseo="drone-rules" source="Orion">Drone Rules</keyword>, 2021, was released to create a growth-oriented regulatory framework for drones. To facilitate further growth, the government said it approved the PLI scheme for drones and drone components in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. Some of the operational guidelines which were notified for the stakeholders and the public were based on the definitions of the companies; eligibility; application and online portal; project management agency (PMA), empowered group of secretaries (EGoS) and the Competent Authority; approval under PLI and determination of baseline and calculation and disbursement of incentives. These applicants for the scheme are the companies registered in India that are manufacturing -- drones and drone components. The manufacturing can be carried out at one or more locations in India. According to the statement, the target segment covers drones and drone components. Drone components include airframe, propulsion systems (engine and electric), power systems, batteries and associated components, launch and recovery systems, communication systems, cameras, sensors, detect-and-avoid system, and software for drone and drone components, among others. In terms of applications, the statement said it should be with supporting documents and an application fee. Application acknowledgement date is the date on which it is acknowledged by the ministry after carrying out initial scrutiny. The application approval date is the date on which, based on an application, approval under the scheme is issued by the PMA. According to the guidelines, the scheme will be implemented through a nodal agency. Such nodal agency shall act as a PMA and will be responsible for providing secretarial, managerial and implementation support and carrying out responsibilities as assigned by the ministry from time to time. The PMA would be responsible for the appraisal of applications and verification of eligibility, examination of claims, a compilation of data, regarding the progress and performance of the scheme and to keep a check on any diversions arising out of any change in accounting policy or duplication of benefits on account of the same activity under different PLI schemes. The scheme shall have a provision for audit by an external auditor (chartered accountant or cost accountant). The EGoS will conduct periodic reviews of eligible companies with respect to their investments, employment generation, production and value addition under the scheme. It may revise incentivise rates, ceilings, and eligibility criteria as deemed appropriate during the scheme's tenure. The statement from the ministry said claim for disbursement of incentive shall be filed on an annual basis by the applicant within 12 months from the end of the financial year for the claims pertaining to FY22 (2021-22) and within six months from the end of the financial year to which the claim pertains for remaining tenure of the scheme. Applicants will be required to submit claims for disbursement of incentives to the PMA for claiming incentives under the scheme. Applicants must ensure that the claims are complete in all respects and accompanied by all the documents required as per the format prescribed. PMA will have to examine the disbursement claims as submitted by an applicant. The statement also said the PMA shall process claims for the disbursement of incentives and make appropriate recommendations to the Competent Authority. It also said the disbursement of incentives may be in the form of Direct Bank Transfer or through any other mechanism of adjustment in the name of the applicant only. In case of excess claims disbursed, the applicant shall reimburse MoCA for any incentive amount refundable along with interest calculated at three years. The PMA will submit budgetary requirements to MoCA as a consolidated amount on a quarterly basis. The statement also said that all approved applicants shall be required to furnish self-certified quarterly review reports within 30 days from the end of each quarter. The ministry also said these guidelines may be amended or modified at any time during the continuance of the scheme. Any dispute arising out of any conditions stipulated in the norms, selection of proposals and issues during the implementation under the scheme will be subject to courts/tribunals having jurisdiction under Delhi. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rupee-at-80-against-the-usd-a-possibility-say-analysts-as-us-fed-hints-at-slower-rate-hikes/articleshow/95940818.cms">Rupee may hit 80/$ aided by trifecta of softer rates, cooling crude and stronger macros, say analysts</a> <a href="https://www.businessinsider.in/business/corporates/news/globalbees-to-cred-and-two-adani-group-companies-companies-which-command-high-valuations-with-low-revenues/articleshow/95929044.cms">The curious case of companies which command high valuations with low revenues</a>

Govt approves PLI scheme for making drones with outlay of Rs 120 cr, comes out with norms

The Cabinet has approved production-linked incentive (<keyword id="53367" type="COMPANY" weightage="20" keywordseo="PLI">PLI</keyword>) scheme worth ₹12,195 crore for <keyword id="3246358" type="COMPANY" weightage="20" keywordseo="telecom-equipment-manufacturing">telecom equipment manufacturing</keyword>, Union minister <keyword id="6354886" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword> said on Wednesday. Briefing reporters after a meeting of the Cabinet, Communications Minister Ravi Shankar Prasad said the government is positioning India as a global powerhouse for manufacturing, and has created a conducive environment for ease of doing business. <div type="Youtube" id="vXbyqWffxzs" title="Budget 2021: Watch Out For Production Linked Incentives In The Budget⁠ — Here’s How It Will Work." thumbUrl="https://i.ytimg.com/vi/vXbyqWffxzs/mqdefault.jpg"></div> The Cabinet has approved production-linked incentive (PLI) scheme for telecom equipment manufacturing worth ₹12,195 crore. The government expects that the scheme will lead to ₹2,44,200 crore incremental production of telecom equipment in the country in the next five years, Prasad said. The minister said that soon the government will come up with a PLI scheme to encourage production of laptops and tablet PCs. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/india-wants-to-beat-china-at-mobile-manufacturing-by-expanding-pli-schemes-to-more-sectors/articleshow/79716855.cms">India wants to beat China at mobile manufacturing by expanding PLI schemes to more sectors</a> <a href="https://www.businessinsider.in/tech/news/pli-scheme-a-game-changer-for-mobile-manufacturing-icea/articleshow/76160793.cms">PLI scheme a 'game changer' for mobile manufacturing: ICEA</a>

Government announces ₹12,000 crore PLI scheme for telecom sector

As <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> doubles down on local <keyword id="6362048" type="General" weightage="20" keywordseo="manufacturing" source="Orion">manufacturing</keyword>, <keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword> assembled iPhones worth more than Rs 1 lakh crore in India in 2023, according to industry data. Industry sources told IANS on Tuesday that out of Rs 1 lakh crore, Apple exported iPhones worth approximately Rs 65,000 crore to other countries. However, according to industry sources, the actual market value of the iPhones manufactured/assembled in India could be much higher, depending on taxes in other countries. The Economic Times was first to report about Apple's manufacturing data in the country. Apple's manufacturing in India is part of the goals set under the production-linked incentive (PLI) scheme. Riding on the local manufacturing growth, mobile phone exports from the country surpassed $9 billion (more than Rs 75,000 crore) from April to November in the current fiscal year, according to the India Cellular and Electronics Association (ICEA). Led by Apple, India is set to cross $15 billion (over Rs 1,24,000 crore) in mobile phone exports in the current fiscal year (FY24), posting a growth of 35 per cent over the last fiscal year. Apple's revenue in India hit nearly Rs 50,000 crore in FY23, with sales increasing 48 per cent to Rs 49,321 crore and net profit rising 76 per cent to Rs 2,229 crore -- fastest growth of net profit for Apple in India in the last five years. Driven by domestic manufacturing, Apple iPhones were set to garner around 7 per cent market share in the Android-dominated smartphone market in India in 2023. The country is now the second-biggest manufacturing hub for mobile phones due to heavy investment from original equipment manufacturers, original design manufacturers and companies dealing in components and parts. The mobile phone exports are anticipated to account for about 58 per cent of the overall electronics exports in FY24, compared to around 47 per cent in the previous fiscal year. Apple is aiming to manufacture more than 50 million iPhones in India per year, as it aims to shift some of the production out from China. The tech giant aims to achieve the target within the next two to three years, with additional tens of millions of units planned after that, according to reports. If Apple achieves this target, India would account for a quarter of global <keyword id="6354606" type="General" weightage="20" keywordseo="iphone" source="Orion">iPhone</keyword> production. China will still remain the largest iPhone producer, a Wall Street Journal report mentioned in December. From Apple to Foxconn, the companies are aiming to leverage domestic capabilities to achieve supply chain diversification and scale up production by manufacturing in the country.

Apple exported 'India-made' iPhones worth Rs 65,000 crore in 2023

<ul><li>The government has approved the ₹26,058 crore PLI scheme for the auto and drone industries.</li><li>This scheme is aimed to help boost the incentivising the production of automobiles, auto components and drones in the country.</li><li>It will be divided between the auto sector and the <keyword id="2757731" type="General" weightage="20" keywordseo="drone-industry" source="Orion">drone industry</keyword> out of which the former will get ₹25,938 crore and the latter will get ₹120 crore.</li></ul>India’s Union Cabinet on Wednesday approved the <keyword id="8870884" type="General" weightage="20" keywordseo="production-linked-incentive" source="Orion">production linked incentive</keyword> (PLI) scheme for the auto industry, <keyword id="12100384" type="General" weightage="20" keywordseo="auto-component-industry" source="Orion">auto-component industry</keyword>, and the drone industry. It’s a ₹26,058 crore scheme that is aimed at incentivising the production of automobiles, auto components and <a href="https://www.businessinsider.in/tech/news/covid-19-vaccines-and-medicines-delivery-from-drone-in-telangana/articleshow/86037081.cms" data-type="tilCustomLink">drones</a> in the country. Union Minister Anurag Thakur announced the approval of the PLI scheme saying that it has seen success in the past and could prove beneficial for different sectors. Thakur added that this scheme will help boost the production of advanced automobiles, auto components and drones in the country, and also help create “champion industries” in these sectors, Mint <a href="https://www.livemint.com/news/india/cabinet-clears-production-incentives-for-auto-drone-industries-11631699587591.html">reported</a>. The ₹26,058 crore will be divided between the auto sector and the drone industry out of which the former will get ₹25,938 crore and the latter will get ₹120 crore. The amount allocated for the drone industry will span over three years. This is almost double the combined turnover of all domestic drone manufacturers in the financial year 2020-21, as per data from an earlier press note from the ministry of aviation. It covers a wide variety of drone components including airframe, propulsion systems, power systems and batteries. <div type="twitter" handle="MoCA_GoI" handlename="MoCA_GoI" image="http://pbs.twimg.com/profile_images/971668841007693824/jJO9tBIm_normal.jpg" favoritecount="29" retweetcount="7" status="Take a look at top 15 highlights of PLI scheme for drones and drone components. #PLIforDrones https://t.co/ZAsvUcIG83" createdat="1631701766000" id="1438087557774856202"></div> In the auto sector, the focus will be on hydrogen fuel vehicles and electric vehicles. The auto components covered under this scheme include electronic power steering system, automatic transmission assembly, sensors, sunroofs, supercapacitors, adaptive front lighting, tyre pressure monitoring system, automatic braking, tyre pressure monitoring system, and collision warning system. The PLI scheme is expected to bring around ₹47,500 crore additional investments to these sectors, and create around 760,000 new jobs in the auto sector. It will be effective from the financial year 2023 for a period of five years. SEE ALSO: <a href="https://www.businessinsider.in/policy/news/union-cabinet-approves-pli-scheme-worth-10683-crore-for-textiles/articleshow/86035041.cms" data-type="tilCustomLink">Union Cabinet approves PLI scheme worth ₹10,683 crore for textiles</a> <a href="https://www.businessinsider.in/stock-market/news/textile-company-stocks-rise-as-cabinet-approves-pli-for-textile-sector/articleshow/86036941.cms" data-type="tilCustomLink">Alok Industries, Arvind, Deepak Spinners, Trident gain on PLI for textiles sector, analysts expect the rally to continue</a>

You Searched For "India 76000 crore pli scheme" and got 12 results

India's telecom equipment manufacturing sales cross ₹50,000 crore under PLI scheme

ANI

"27 companies have been approved for PLI": Ashwini Vaishnaw on India's IT hardware revolution

ANI

Delhi govt presents FY25 budget with ₹76,000 crore outlay; to give ₹1,000 per month to every woman

PTI

Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry

Sourabh Jain

US offer to help India in chip manufacturing just lip service: China

IANS

Air conditioner market set grow on the back of government’s PLI scheme

Anagh Pal

Nokia, Foxconn among global firms to benefit from India's telecom PLI scheme of ₹3,345 crore

PTI

India is reportedly in talks with TSMC, Intel and other semiconductor giants to set up local production plants in the country

Sourabh Jain

Govt approves PLI scheme for making drones with outlay of Rs 120 cr, comes out with norms

ANI

Government announces ₹12,000 crore PLI scheme for telecom sector

PTI

Apple exported 'India-made' iPhones worth Rs 65,000 crore in 2023

IANS

Government approves ₹26,058 crore PLI scheme for auto and drone industries

Marcia Sekhose

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