“India’s cash incentives to boost domestic manufacturing have attracted more than $17 billion in investment since the stimulus scheme was launched in 2020.”, — write: www.epravda.com.ua
India’s cash incentives to boost domestic manufacturing have attracted more than $17 billion in investment since the stimulus scheme was launched in 2020.
About this informs Reuters.
The program, which offers manufacturers 4-6% cash incentives on additional sales, has been launched in 14 sectors, including electronics, pharmaceuticals, textiles and home appliances.
India has emerged as a global hub for electronics, particularly smartphones, and is now the second largest producer of mobile phones, it said.
The incentives, he said, have resulted in about 11 trillion rupiah ($131.6 billion) worth of output and the creation of nearly a million jobs in four years.
After reducing imports of mobile devices from China by attracting global players like Apple, India now plans to produce more laptops, tablets, PCs and servers.
The government has extended for three months the import control system launched in November 2023, which requires companies to register imports of laptops and tablets.
The Indian market for IT hardware, including laptops, is estimated at nearly $20 billion, of which nearly $5 billion is domestically produced.