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- Investment move under a $6.5 billion incentive scheme announced by the government
NEW DELHI: Three contract manufacturers for Apple iPhones and South Korea’s Samsung have applied for large-scale electronics manufacturing rights in India under a $6.5 billion incentive scheme announced by the government, a minister said Saturday.
The scheme will extend cash incentives of 4 percent and 6 percent for five years on incremental sales of goods manufactured in India with 2019-2020 as the base year, Technology Minister Ravi Shankar Prasad told reporters.
The international cellphone manufacturing companies that have applied under the scheme are Samsung, Rising Star and three Apple contract manufacturers — Foxconn Hon Hai, Wistron and Pegatron.
Prasad said the scheme is expected to increase Apple’s and Samsung’s manufacturing base manifold in India.
Nearly two dozen Indian and international companies in the cellphone segment have applied for the scheme, which is expected to generate 300,000 direct jobs in the country, Prasad said.