- The government of India has plans to manufacture mobiles phones worth $190 billion by 2025
- India had exported 8.8 billion worth of electronics during 2018-19 period
The government of India is trying to woo suppliers of Apple and Samsung. The move, that includes possible loans at subsidised rates, might attract these suppliers to setup manufacturing factories in the country.
A recent report by the Economic Times also stated that the proposals have been sent to the finance ministry. However, there has been no confirmation yet.
Interest subsidy on local manufacturing
The ministry of electronics and information technology has drafted these proposals. This interest subsidy in question, may be included as a part of the budget. This year’s budget will be showcased on the first of February.
These proposals also include setting up industrial zones equipped with customs and taxation clearance. Setting up infrastructure including roads, power and water supply are also a part of the same.
Foxconn is already making for Xiaomi, Apple and Nokia in India
Interestingly, Foxconn has already started making more iPhones for Apple in India. The company has two manufacturing units in the country at the moment. It is also to be noted here that Foxconn also makes smartphones for Nokia and Xiaomi here.
India had exported 8.8 billion worth of electronics during 2018-19 period. These figures for $6.2 billion during the 2014-15 period.