India on Thursday named Dell, Wistron’s ICT, Flex,and Foxconn’s Rising Stars as its choice of global companies in a $1 billion (roughly Rs. 7,470 crore) incentive plan to produce and boost exports of laptops, tablets and personal computers.
Under the plan, manufacturers get cash-backs of 1 percent to 4 percent of additional sales of locally made goods over four years, with 2019-2020 as the base year.
In the next four years these companies are expected to produce Rs. 1,61,000 crores of IT hardware and create more than 36,000 jobs, the government said.
Modi’s strategy, coupled with India’s huge market, have also helped turned the country into the world’s second-biggest mobile maker after China.
New Delhi wants to replicate the success of smartphone manufacturing with other electronics in a bid to cut imports.
© Thomson Reuters 2021