Apple maker Foxconn to get Rs 357 cr under PLI scheme
The company will receive Rs 357.17 crore for the period of August 1, 2021, to March 31, 2022, based on its incremental investments and sales figures, Niti Aayog said in a press note.
Published: 21st December 2022 07:46 AM | Last Updated: 21st December 2022 07:46 AM | A+A A-
NEW DELHI: Taiwan-based Foxconn Hon Hai has become the first global company to receive incentives for mobile manufacturing under the production-linked incentive (PLI) scheme for the large-scale electronics manufacturing (LSEM) sector.
The company will receive Rs 357.17 crore for the period of August 1, 2021, to March 31, 2022, based on its incremental investments and sales figures, Niti Aayog said in a press note. Foxconn India is a Taiwanese multinational electronics contract manufacturer with its headquarters in Tucheng, New Taipei City. The company is the manufacturing partner of Apple smartphones. As per the reports, Foxconn is looking to quadruple its workforce at its iPhone factory in Chennai over the next two years.
The empowered committee headed by the CEO of NITI Aayog, approved Padget Electronics for the mobile manufacturing PLI scheme. Based in Noida, Padget Electronics is a 100% subsidiary of Dixon Technologies and it will get Rs 58.29 crore as an incentive from the government.
The company has already received Rs 53.28 crore under the PLI scheme for the August–December period of 2021 based on its incremental investments and sales figures. As of September 2022, the scheme for LSEM has attracted investment of Rs 4,784 crore and led to the production of Rs 2,03,952 crore, including exports of Rs 80,769 crore.
In India, the production of mobile phones has risen from about 6 crores in 2014-15 to nearly 31 crores in 2021-22. The export of mobile phones has seen a sharp increase. India exported Rs 45,000 crore worth of phones in FY 2021-22 and during the current year up to November 2022, mobile phone exports have already crossed Rs 40,000 crore, which is more than double the exports made during the same period last year.