October 16, 2021

Investor Welcome

Wall Street Market News

India Finalizes Four Major Global Companies as a Part of its Plans to Boost Production and Export of IT Products

India Finalizes Four Major Global Companies as a Part of its Plans to Boost Production and Export of IT Products

India, announced on Thursday, its choice of global companies as a part of its USD 1 Billion incentive plan that aims to boosts its production and export of IT products such as laptops, tablets, and personal computers. The list of major four global companies includes Dell Inc., Wistron Corp’s ICT, Foxconn’s Rising Stars, and Flex Ltd.

Under the agreement, over the course of next four years the manufacturers are expected to produce nearly USD 21.59 billion of IT hardware and generate more than 36,000 jobs. The plan is also expected to boost the capability of tech behemoth Apple, Inc. to assemble iPads in India, according to previous reports. The manufacturers are expected to get cashbacks of 1-4% of additional sales of the locally produced products over the designated period, considering 2019-2020 as the base year. Prime Minister Modi’s initiative and policy push in the electronics sector has enabled Foxconn and Winstron, which are major Apple suppliers, to expand their presence in India. The strategic initiative of the government along with the massive electronic market of the country has helped it become the one of the largest mobile maker in the world, second to China.

Under the scheme, 10 companies included smartphone developers Lava and Dixon, which manufactures TV for Xiaomi Corp. in the country, have also been selected.