The meeting was also attended by iPhone maker executives.
The Indian government met with major global corporations such as Foxconn, Samsung Electronics and Reliance Industries to find ways to boost manufacturing in the country with its production-linked incentive (PLI) scheme.
The Indian government met with major international companies such as Foxconn, Samsung Electronics and Reliance Industries to find ways to boost production in the country with its production-linked incentive scheme (PLI).
Addressed by India’s Commerce Minister Piyush Goyal on Tuesday, the meeting comes amid concerns that some companies faced delays in leveraging New Delhi’s incentives amid complicated procedures.
The talks include ways to improve local production at competitive costs, increased domestic value added in manufacturing and prompt complaint handling, the government said in a statement on Wednesday.
The meeting was also attended by executives from iPhone maker Wistron, laptop maker Dell, telecommunications company Nokia Solutions and others who benefited from the scheme’s payouts.
Introduced in late 2020, the PLI scheme is Prime Minister Narendra Modi’s key industrial policy to boost production.
The government has so far announced stimulus for 14 sectors, including electronics and technology products, pharmaceutical drugs and drones, attracting investments totaling 625 billion Indian rupees ($7.62 billion) until March 2023, according to the statement.
According to government estimates, investment under the PLI scheme is expected to rise further to Rs 2.74 trillion.
With more than 1.97 trillion rupees earmarked for incentives, payouts through fiscal 2023 totaled 29 billion rupees across eight sectors.
(This story has not been edited by News18 staff and was published from a syndicated news agency feed – Reuters)
