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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

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

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

India's key stock indices rose during mid-afternoon trade session on Thursday to reach new intra-day record high levels. Accordingly, both key indices - S&amp;P BSE <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and NSE Nifty50 -- made new record highs. The Sensex crossed the 59,000 mark, while Nifty breached the 17,500 level. As per market observers, the up moves comes a day after government announced support measures for some beleaguered sectors along with provisions for PLI schemes for others. Initially, both key indices had a gap-up opening. However, global cues capped gains as Asian markets were largely weak as the debt crisis at China Evergrande Group and Beijing's latest push to rein in private industries hurt sentiments. Among sectors, <keyword id="6354776" type="General" weightage="20" keywordseo="telecom" source="Orion">Telecom</keyword>, <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">Banks</keyword> and FMCG indices rose the most. At 2.00 p.m., S&amp;P BSE Sensex traded at 59,057.82 points, higher by 334.62 points or 0.57 per cent from its previous close. Similarly, NSE Nifty50 traded higher. It rose to 17,599.70 points, higher by 80.25 points or 0.46 per cent from its previous close. "Volumes picked up further in the morning session but has cooled off a bit post noon," said Deepak Jasani, Head of Retail Research, HDFC Securities. "Advance decline ratio has fallen to just above 1:1 suggesting profit taking in broader markets." According to Likhita Chepa, senior Resaerch Analyst, CapitalVia Global Research: "Sentiments got boost as government has approved a big-bang relief package for the stressed telecom sector." "Our research suggests that if the market is able to sustain the level of 58,900, we can witness higher levels of 59,000-59,100 as the momentum indicators like 'RSI' and 'MACD' to stay positive and market breadth to improve, further strengthening a short-term bullish outlook." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/after-selling-their-previous-startup-to-quikr-zefo-founders-are-building-an-oyo-for-hospitals/articleshow/86256238.cms">After selling their previous startup to Quikr, Zefo founders are building an OYO for hospitals</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/itc-surprises-investors-by-rallying-7-5-suddenly-today/articleshow/86255237.cms">ITC finally starts rallying, but twitter can't stop trolling it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sansera-engineering-ipo-last-day-for-subscription-grey-market-indicates-10-premium/articleshow/86255105.cms">Last day to bid for auto components maker Sansera Engineering IPO; grey market indicates ₹10 premium</a>

Sensex tops 59,000 mark, Telecom stocks soar

<ul><li>The government has passed a ₹76,000 crore ($10 billion) incentive scheme for semiconductors, which will strengthen India’s manufacturing base in making semiconductor chips.</li><li>Also, about 85,000 semiconductor engineers would be supported over the course of the next 20 years.</li><li>The development comes at a time when many companies across the world have been suffering from a chip shortage for so long now.</li></ul>Finally, some of the semiconductor shortage will hopefully ease after the Indian government announced an ambitious production-linked incentive (PLI) scheme worth ₹76,000 crore (around $10 billion at current rates) for establishing a semiconductor ecosystem in the country. The development comes at a time when auto majors and several other companies using chips in their products across the world have been suffering from a chip shortage for so long now. Semiconductor chipsets are used across a wide range of consumer electronics, including smartphones, laptops, computers, cars, smart home appliances like lights, fans and many other things. There are many semiconductor manufacturers across the world, but very few are listed in the Indian market. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian semiconductor companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock price change on December 15 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Moschip Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+9.96% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ASM Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+4.99% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SPEL Semiconductor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+4.85% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ruttonsha International Rectifier </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+4.97% </td></tr></tbody></table> This is not the first time that the government has announced a PLI scheme for the electronics industry. Earlier last year, a <a href="https://www.businessinsider.in/policy/economy/news/inside-indias-50000-crore-scheme-to-woo-electronics-manufacturing-including-smartphones/articleshow/76207462.cms">₹50,000 crore PLI scheme</a> was announced to woo electronics manufacturing, including smartphones. Following Wednesday’s announcement, Nifty Auto was the only gainer amongst all other sector indices that were in red in line with the volatile market. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Auto companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price change on December 15 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+1.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.91% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.85% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mahindra &amp; Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.85% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.34% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tube Investments of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashok Leyland </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.24% </td></tr></tbody></table> P.N. Sudarshan, partner and technology, media, and telecom (TMT) Industry Leader at Deloitte said that, “While this initiative may ameliorate the situation in the medium term, this is even better in the long-term as this would spur the semiconductor manufacturing segment. That would provide opportunities both for import substitution and export propulsion.” Leaders from the industry believe the move will prevent future semiconductor shortages. “In the long-term, issues like sudden surge in demand for semiconductors will also be addressed. This move will also make the Indian manufacturers globally competitive to attract investment in the areas of core competency and cutting-edge technology,” said Sanjay Gupta, managing director at NXP India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tvs-motor-shares-gains-on-report-of-company-to-tie-up-bmw-to-make-electric-vehicle/articleshow/88298075.cms">TVS Motor gains on report of tie-up with BMW to manufacture EVs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indias-first-healthtech-unicorn-innovaccer-is-now-valued-more-than-pinelabs-and-sharechat/articleshow/88301389.cms">India’s first healthtech unicorn Innovaccer is now valued more than PineLabs and ShareChat</a>

Checkout chip makers’ stocks that surged on PLI scheme; industry leaders feel the move will make India self-reliant

The <keyword id="6355512" type="General" weightage="20" keywordseo="Union-Cabinet" source="Orion">Union Cabinet</keyword> on Wednesday approved the much-anticipated <keyword id="8870884" type="General" weightage="20" keywordseo="production-linked-incentive" source="Orion">production linked incentive</keyword> (PLI) scheme for the textiles sector. Under the scheme incentives worth ₹10,683 crore will be provided over five years. According to the government, the move will especially positively impact states like Gujarat, <keyword id="6357713" type="General" weightage="20" keywordseo="Uttar-Pradesh" source="Orion">Uttar Pradesh</keyword>, <keyword id="13126" type="General" weightage="20" keywordseo="Maharashtra" source="Orion">Maharashtra</keyword>, Tamil Nadu, Punjab, Andhra Pradesh, Telangana, Odisha among others. The government expects investments of more than ₹19,000 crore into the sector during the five-year period. It is also expected to bring about additional production turnover of over ₹3 lakh crore during the period and create employment opportunities of over 7.5 lakh people directly and several lakhs more for supporting activities, as per the government. The government will give higher priority for investment in the aspirational districts and tier-3 cities. Industry participants have lauded the decision of the government. Apparel Export Promotion Council (AEPC) Chairman A. Sakthivel said that it will be a game changer for the Indian textile industry and will transform India's growth story. Sakthivel said that the scheme will result in fresh investment of gigantic proportions, expand manufacturing capacities and enhance exports multifold. "It will make India a key player in the global textile value chain with focus on high value MMF products. Besides, it will promote industrial development in backward regions of the country," he added. The focus of the <keyword id="8941225" type="General" weightage="20" keywordseo="PLI-SCHEME" source="Orion">PLI scheme</keyword> would be for the development of man-made fibre and technical fibre segments that are in high demand in advanced economies where India already has a big presence with its technical products. Commerce and Industry Minister Piyush Goyal said that fabric and garments made from these fibres would be a focus of the scheme so that world class facilities are built in the country. He also said that the government was also working on free trade agreements (FTAs) with advanced economies such as the UK, the US, EU that will help the country both ways to get requisition imports as well boost exports. FTA would also help the textile sector, the minister said, in getting a level playing field that faced unequal duties in some of these markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-stocks-fall-amid-reports-that-government-hasnt-discussed-proposal-for-a-telecom-relief-package/articleshow/86033281.cms">Vodafone Idea falls amid reports that government hasn’t discussed proposal for a telecom relief package</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/here-is-how-naukri-parent-info-edges-stock-went-up-23-in-the-last-one-month/articleshow/86032576.cms">Here is how Naukri parent Info Edge’s stock went up 23% in the last one month</a>

Union Cabinet approves PLI scheme worth ₹10,683 crore for textiles

<ul><li>India announced a new production-linked incentive (PLI) scheme for IT hardware worth ₹7,250 crore on February 24.</li><li>This includes boosting the domestic production of items like laptops, tablets, all-in-one personal computers (PCs) and servers.</li><li>According to Union Minister <keyword id="6354886" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword>, the Indian government wants India’s IT hardware industry to be as successful as its IT services sector on the global stage.</li></ul>The Indian government announced a new production-linked incentive (PLI) scheme for IT hardware today. It includes products like laptops, tablets, all-in-one personal computers (PCs) and servers. “This completes the triangle of electronic manufacturing in India,” said Union Minister Ravi Shankar Prasad during today’s <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> briefing. The other two corners of the triangle are the PLI for mobile phones which was announced in April last year and the <a href="https://www.businessinsider.in/business/telecom/news/government-announces-12000-crore-pli-scheme-for-telecom-sector/articleshow/81053464.cms">PLI for telecom gear</a> announced last week. According to Prasad, the Indian government’s aim is to make Indian IT hardware as successful as <keyword id="680086" type="PERSON" weightage="20" keywordseo="Indian-IT-services">Indian IT services</keyword> — which includes companies like Tata Consultancy Services (<keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword>), HCL Technologies, <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> and <keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> — on a global scale. “Ten target sectors along with specific product lines having high growth potential were identified by NITI Aayog for implementation of PLI Schemes. PLI Scheme for IT Hardware is a further step in that direction,” said Prasad, who has the Information Technology and Electronics portfolio in the central government. The government will provide incentives worth ₹7,350 crore over the next four years. It estimates that production will hit ₹3.26 lakh crore with exports worth ₹2.45 lakh crore led by five global champions and ten national champions. “Right now, the value addition of IT hardware is around 5-10%. In the next five years, this will increase to 20-25%,” said Prasad. The direct and indirect revenues generated from production under the new PLI scheme are expected to be ₹ 15,760 crore over next 4 years. It also is expected to generate over 1,80,000 jobs during the same time period. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nse-halts-trading-after-data-glitches-stop-nifty50-and-bank-nifty-from-updating/articleshow/81186539.cms">India’s largest stock exchange halts trading after data glitches stop Nifty50 and Bank Nifty from updating</a> <a href="https://www.businessinsider.in/defense/news/dassault-aviation-has-an-india-it-services-unit-offering-defence-msmes-a-digital-trial-room-where-they-can-test-their-products-to-bag-more-contracts/articleshow/81183313.cms">INTERVIEW: Dassault Group has an India software services unit offering defence MSMEs a digital ‘trial room’ where they can test their products to bag more contracts</a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-wants-you-to-memorise-all-your-debit-and-credit-card-numbers/articleshow/81186570.cms">RBI wants you to memorise all your debit and credit card numbers — Amazon, Zomato, Netflix and others argue this will make online payments more tedious</a>

Indian government wants its IT hardware industry to be as globally successful as TCS, HCL Tech and Infosys — announces PLI scheme worth ₹7,250 crore

New Delhi, <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> is now aiming to surpass <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword> in the field of <keyword id="2645311" type="PERSON" weightage="20" keywordseo="Mobile-manufacturing">mobile manufacturing</keyword> with the production-linked incentive (PLI) scheme attracting global majors in this segment to the country, telecom and IT minister <keyword id="6354886" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword> said on Monday. He said that the government is looking to make India a hub of other electronic products as well with the expansion of the PLI scheme to other sectors. "We wanted India to become the second largest mobile manufacturer in the world. Now I am pushing India to surpass China. That's my goal and I am very clearly defining it," Prasad said at the annual general meeting of industry chamber FICCI. India became the second largest mobile manufacturing country in 2017. <keyword id="10428852" type="COMPANY" weightage="20" keywordseo="the-national-policy-on-electronics-2019">The National Policy on Electronics 2019</keyword> (NPE) envisages electronic manufacturing turnover of more than Rs 26 lakh crore by 2025, out of which Rs 13 lakh crore is expected to come from the mobile phone segment. PLI is designed to propel India's stature and ease of doing business under the leadership of the Prime Minister Narendra Modi to showcase India as an alternate manufacturing destination, Prasad said. "PLI is designed to enable global champion companies to come to India and make Indian companies national champion," he noted. The government has started a PLI scheme under which eligible companies can get sops of around Rs 48,000 crore. The government has cleared 16 proposals from domestic and international companies entailing investment of Rs 11,000 crore under the PLI scheme to manufacture mobile phones worth Rs 10.5 lakh crore over the next five years. The companies include iPhone maker Apple's contract manufacturers Foxconn Hon Hai, Wistron and Pegatron, apart from Samsung and Rising Star. Domestic companies whose proposals have been approved include Lava, Bhagwati (Micromax), Padget Electronics (Dixon Technologies), UTL Neolyncs and Optiemus. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-future-retail-power-grid-cipla-delta-corp-yes-bank-adani-power-and-others/articleshow/79713824.cms">Top stocks to watch — Future Retail, Power Grid, Cipla, Delta Corp, Yes Bank, Adani Power and others</a> <a href="https://www.businessinsider.in/stock-market/news/burger-king-india-shares-nearly-doubles-on-listing-debut-pushes-valuation-past-4000-crore/articleshow/79715269.cms">Burger King India shares nearly doubles on listing — debut pushes valuation past ₹4,000 crore</a> <a href="https://www.businessinsider.in/tech/news/everything-about-cozy-bear-russian-hacking-group-behind-us-government-data-breach/articleshow/79715555.cms">Meet Cozy Bear — the Russian cyber espionage group allegedly behind US government data breach</a>

India wants to beat China at mobile manufacturing by expanding PLI schemes to more sectors

<ul><li>Shares of <keyword id="1061730" type="COMPANY" weightage="20" keywordseo="Himachal-Futuristic-Communications">Himachal Futuristic Communications</keyword> have surged significantly by 497% from March 2020.</li><li>The largest provider of WiFi solutions says the disruptions caused by COVID-19 pandemic have increased the demand for home and industrial internet of things (IoT) devices and applications.</li><li>HFCL’s profit after tax grew to ₹90.69 crore in June quarter as compared to ₹21.34 crore in corresponding quarter last year. </li></ul>While the pandemic slowed business for sectors like aviation, automobile, and hospitality, some sectors related to information technology enjoyed a boost due to the digital transformation demand. Himachal Futuristic Communications (HFCL) is one such company that benefited enormously from the heightened demand for internet devices. The technology enterprise company manufactures high-end transmission and access equipment, optical fibre and optical fibre cables used in WiFi portals and creating communication networks for telecom service providers, railways, defence, and smart city and surveillance. In fact, it is one of the largest providers of WiFi solutions. Also, the company is likely to be a big player in 5G telecom services. The disruptions caused by the pandemic have increased the demand for home and industrial internet of things devices and applications, said the company in an investor presentation. The company has already shipped 1.5 lakh units of wi-fi and ultra broadband radio to leading telecom service providers in FY21. In fact, under Bharat Net phase II project, wi-fi, infrastructure, electronics and optic networks brings out an ₹40,000 crore opportunity for the company <div type="image" title="HFCL profit revenue" height="900" width="1200" msid="84470091" hostid="261"></div> The company serves technological equipment and services to Reliance Jio, Tata, Airtel, Vodafone, Nokia, BSNL, Larsen &amp; Toubro, Bharat Petroleum, Indian Oil and many more. It has also been working with the government under the Prime Minister WiFi Access Network Interface (PM-WANI) project to provide internet access to every nook and corner of the country. “Initiative by Indian government like BharatNet, which is the world's largest optical fiber-based rural broadband connectivity project, growing usage of wifi connection in home segment, provision of production linked incentive scheme (PLI) by the government, approval of 5G spectrum plans has amplified the company’s operations,” said Mahendra Nahata, managing director of HFCL in a financial report statement. <div type="image" title="HFCL stock" height="900" width="1200" msid="84470137" hostid="261"></div> At 2:52 p.m., the stock was trading 2% higher at ₹ 80.40. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/angel-broking-shares-surge-as-rising-awareness-among-investors-turns-in-favour-of-the-stock-broker/articleshow/84469007.cms">Angel Broking shares surge 20% as rising awareness among investors turns in favour of the stock broker </a> <a href="https://www.businessinsider.in/stock-market/news/tatva-chintan-pharma-chem-ipo-should-you-subscribe-to-the-ipo-check-out-analysts-review/articleshow/84464187.cms">Tatva Chintan Pharma Chem IPO -- Should you subscribe? Here’s what analysts are saying </a>

An investment of ₹10,000 in HFCL stock in March last year is worth ₹60,000 now

<ul><li>Over 22 firms including Apple, Samsung, Lava line up with proposals to manufacture mobile phones in India</li><li>Government's production-linked incentive (PLI) scheme for <keyword id="2922097" type="PERSON" weightage="20" keywordseo="mobile-phone-manufacturing">mobile phone manufacturing</keyword> expected to create around 12 lakh jobs</li><li>There is no price limit for Indian companies under the scheme.</li></ul> As many as 22 domestic and international firms, including iPhone maker Apple's contract manufacturers as well as Samsung, Lava, Dixon and so forth, have lined up with proposals for mobile phones production worth Rs 11 lakh crore over the next five years, Union Telecom and IT Minister <keyword id="6354886" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword> said on Saturday. The minister said these proposals under the government's Rs 41,000-crore production-linked incentive (PLI) scheme for mobile phone manufacturing are expected to create around 12 lakh jobs, 3 lakh direct and 9 lakh indirect employment opportunities, in the country. "There will be huge (mobile phone) production of around Rs 11 lakh crore, huge export of around Rs 7 lakh crore and great employment opportunity for 3 lakh direct and 9 lakh indirect people. I personally thank all the companies that have applied," Prasad told reporters. He said that a total of 22 companies have filed applications under the PLI scheme from various countries including Taiwan, South Korea, Germany, Austria, etc. "The benchmark for international companies was that they make mobile phones priced at or above Rs 15,000. International companies that have applied are Samsung, Foxconn Hon Hai, Rising Star, Wistron and Pegatron," Prasad said. Foxconn Hon Hai, Wistron and Pegatron are contract manufacturers for Apple iPhones. There is no price limit for Indian companies under the scheme. In terms of revenue, Apple accounts for 37 per cent and Samsung 22 per cent for global sales of mobile phones and the PLI scheme is expected to increase their manufacturing base manifold in the country, an official statement issued by the Ministry of Electronics and IT (Meity) said. The minister further said these companies will make thousands of crores investments based on the approval of their proposal. Prasad said Indian companies, including Lava, Dixon Technologies, Bhagwati (Micromax), Padget Electronics, Sojo Manufacturing Services and Optiemus Electronics, have applied under the scheme and 10 companies have filed applications under the Specified Electronic Components Segment. The companies that have applied for components production of around Rs 45,000 crore include AT&amp;S, Ascent Circuits, Visicon, Walsin, Sahasra, Vitesco and Neolync. There were no applications from Chinese companies under the scheme. The minister said India is not averse to investment from any country but companies will have to follow rules related to security clearance, etc. The government notified production linked incentive scheme for large scale electronics manufacturing, the scheme for promotion of manufacturing of electronic components and semiconductors, and the modified electronics manufacturing clusters (EMC 2.0) scheme. The government expects to attract Rs 1 lakh crore investment in the sector and sees a target manufacturing revenue potential of Rs 10 lakh crore by 2025. The fresh proposals have exceeded the government's manufacturing revenue target but the final outcome will depend on the decision of the screening committee that will select projects eligible for incentives.

Apple vendors, Samsung, others line up with ₹11-lakh cr mobile phone mfg proposals: Prasad

New Delhi, Mar 21 () The Union Cabinet has cleared three schemes involving a total incentive of around Rs 48,000 crore to boost electronics manufacturing in the country, Telecom and IT Minister Ravi Shankar Prasad said on Saturday.The government is expecting to generate manufacturing revenue potential of Rs 10 lakh crore and create direct and indirect jobs for 20 lakh people by 2025 through these schemes, he said.Besides this, the Cabinet in its meeting held on Friday also approved incentives for medical devices to reduce dependency on import of electronic products for medical care in the country. "Two long-term policy decisions have been taken to make India a big hub of manufacturing. First in case of electronics, second in case of pharma and also medical devices. Cabinet has approved production linked-incentive for electronics companies. We will give Rs 40,995 crore in the coming five years for production linked-incentive," Prasad said.Under the scheme, electronic manufacturing companies will get an incentive of 4 to 6 per cent on incremental sales (over base year) of goods manufactured in India and covered under target segments, to eligible companies over a period of next 5 years.Industry body India Cellular and Electronics Association said that the PLI scheme is of global scale which not only spur manufacturing but more importantly exports of mobile handsets at a global scale. "The National Policy for Electronics 2019 envisions India to reach a mobile phone production of USD 190 billion by 2025, of which USD 110 billion would be exported. PLI is the policy intervention to support the ambition to build the electronics sector, where the main focus remains on manufacturing of mobile phones and components," ICEA Chairman Pankaj Mohindroo said.The Cabinet approved scheme for promotion of manufacturing of electronics components and semiconductors with a budget outlay of Rs 3,285 crore spread over a period of 8 years. It also approved revised version for electronics manufacturing clusters with a total incentive outlay of Rs 3,762.25 crore spread over a period of 8 years with an objective to create 10 lakh direct and indirect jobs under the scheme. "Because of these three schemes, we hope to generate manufacturing revenue potential of Rs 10 lakh crore by 2025 and generate direct and indirect jobs for 20 lakh people," Prasad said. The government estimates that PLI scheme, domestic value addition for mobile phones is expected to rise to 35-40 per cent by 2025 from the current level of 20-25 per cent and generate additional 8 lakh jobs, both direct and indirect."This incentive is linked to production and investment in India. We also make 3-4 Indian companies also champion companies," Prasad said.The government estimates that push for manufacturing of electronics components and electronic chips with create around 6 lakh direct and indirect jobs."If India has to progress in the field of electronics then it should also become a centre for component manufacturing for electronics, telecommunications, consumer electronic, medical electronics, strategic electronics etc. This is investment in the downstream value chain. We will give 25 per cent incentive on capital expenditure," Prasad said.The EMC 2.0 scheme will provide financial assistance upto 50 per cent of the project cost subject to a ceiling of Rs 70 crore per 100 acres of land for setting up of Electronics Manufacturing Cluster projects. "Electronic manufacturing clusters will be spread in an area of 200 acres across India and 100 acres in North East part of the country. Whoever will make investment of Rs 300 crore under this scheme will be given incentives," Prasad said. The minister said that the production of mobile phones in the country has gone up 8 times in last 4 years from around Rs 18,900 crore in 2014-15 to Rs 1.7 lakh crore in 2018-19 and the domestic demand is almost completely being met out of domestic production. "It is extremely critical to keep it (implementation of schemes) simple. Quick disbursement of money on the basis of one or at-most two parameters and ensure annual signoff with no retrospective claims on industry on incentives disbursed," MAIT President Nitin Kunkolienker said. PRS MKJ

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