16.10.2020 | India offers incentives to Smartphone /component suppliers in an attempt to boost local production
According to Hong Kong (CNN Business) – India is giving more than a dozen companies new incentives to invest in the country’s smartphone industry, with an ambitious campaign from Prime Minister Narendra Modi to rebrand the country as the world’s next manufacturing hub.
This includes 16 companies involved in making smartphones and components – Samsung (SSNLF), Austria's AT&S and several Indian firms. Major Apple (AAPL) suppliers Foxconn, Wistron and Pegatron are participating as well. According to a statement from India’s Ministry of Electronics and Information and Technology. They will get incentives for about 4% and 6% of the sales of certain products made in India over a period of 5 years.
The government's decision to incentivize smartphone makers isn't a huge surprise. The industry has been booming in India, and is now worth about $230 billion, according to the India Cellular and Electronics Association.