MeitY approved 16 eligible applicants under the PLI Scheme

iPhone maker Apple’s contract manufacturers Foxconn Hon Hai, Wistron and Pegatron, apart from Samsung and Rising Star and a bunch of home-grown players are among the mobile phone manufacturing firms that have won approvals to do business in India under the PLI (Performance-linked incentives) scheme.

Daily Current Affairs Quiz 2020

Key-Points

Production Linked Incentive Scheme (PLI) for Large Scale Electronics Manufacturing was notified on 1st April, 2020.

It extends an incentive of 4% to 6% on incremental sales (over base year) of goods under target segments that are manufactured in India to eligible companies, for a period of five years subsequent to the base year (FY2019-20).

Over the next 5 years, the approved companies under the PLI Scheme are expected to lead to total production of more than INR 10.5 lakh crore).

The companies approved under the scheme are expected to promote exports significantly. Out of the total production of INR 10,50,000 crore in the next 5 years, around 60% will be contributed by exports of the order of INR 6,50,000 crore.

The companies approved under the scheme will bring additional investment in electronics manufacturing to the tune of INR 11,000 crore.