Mobile manufacturing investment under PLI scheme exceeds targets, says IT Secretary
New Delhi: Investment and production in mobile phone manufacturing under the Production Linked Incentive (PLI) scheme have significantly surpassed expectations, according to Electronics and IT Secretary S. Krishnan, media reports said.
Speaking at an event commemorating 10 years of the Make in India initiative, Krishnan highlighted that the overall production of electronics in India has grown to Rs 9.52 lakh crore, marking an annual compounded growth rate of 17.4 percent from Rs 1.9 lakh crore in 2014-15, news agency PTI reported.
“If you look at what the PLI scheme has done in the mobile sector, the overall production we have reached is far in excess of the target. We have reached Rs 6.61 lakh crore in total value of production, well above the target that has been set. The overall investment has been Rs 9,100 crore, which is again well above the target,” Krishnan was quoted as saying by PTI.
The government had set a target of Rs 7,000 crore in cumulative investment over the five-year scheme period, with a specific target of Rs 5,488 crore for the period up to 2023-24.
The mobile PLI scheme aimed to achieve cumulative production of Rs 4.39 lakh crore in 2023-24 and Rs 8.12 lakh crore over the entire five-year period, ending FY 2026.
Krishnan noted a substantial increase in mobile phone exports, which have grown from Rs 1,566 crore in 2014-15 to approximately Rs 1.2 lakh crore in 2023-24—a remarkable 77-fold increase.
"This is where the Make in India program has been truly successful," he remarked.
He also highlighted the success of the employment generation under the mobile PLI scheme, with a total of 1,22,613 jobs created, surpassing the initial target.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
PM Modi urges Indians to go 'Vocal for Local' in festival shopping
Pakistan’s mineral show-and-tell: Sharif and Munir try to charm Trump
Rain predicted during Durga Puja days, Yellow warnings for all Tripura districts
Festive mode on high from ‘Maha Shasti’ day, Agartala city witness massive crowd
