Anand Mahindra hails govt's PLI scheme as India produces worth ₹2.75 lakh cr mobiles in FY22 | Mint
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Business News/ News / India/  Anand Mahindra hails govt's PLI scheme as India produces worth 2.75 lakh cr mobiles in FY22
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Anand Mahindra hails govt's PLI scheme as India produces worth ₹2.75 lakh cr mobiles in FY22

As per Anand Mahindra's post, India produced worth ₹2.75 lakh crore mobile phones in 2021-22. Exports of mobile phones constituted 16% of the production in FY 2021-22

Anand Mahindra lauded the success of the PLI (Production Linked Incentive) scheme for mobile phonesPremium
Anand Mahindra lauded the success of the PLI (Production Linked Incentive) scheme for mobile phones

Mahindra Group Chairman Anand Mahindra lauded the success of the PLI (Production Linked Incentive) scheme for mobile phones. Sharing a post on Twitter about India's mobile phone production and exports, the industrialist suggested that the Centre should clear all impediments to achieve the "$60 billion" target.

As per Mahindra's post, India produced worth 2.75 lakh crore mobile phones in 2021-22 which in 2016-17 stood at 90,000 crore.

Further, exports of mobile phones constituted 16% of the production in FY 2021-22 as against 1% in FY 20217.

As per the news clip, the country's mobile export is expected to go up to 22% this fiscal year. That means the mobile export possibility could be around $ 9 billion in FY23.

Sharing the success of India's mobile manufacturing capacity and the rise in export, Anand Mahindra wrote, "Pause & absorb what is essentially a peek into the future. Target: $60bn phones in ‘26! The tip of the spear that could make India an export powerhouse".

He added, "With this initial success of the PLI, the govt. should clear any impediments in the way of the $60bn target".

Earlier this month, the Ministry of Electronics and Information and Technology (MeitY) approved 16 eligible applicants under the PLI Scheme.

The international mobile phone manufacturing companies that are approved under Mobile Phone (Invoice Value 15,000 and above) Segment are Samsung, Foxconn Hon Hai, Rising Star, Wistron and Pegatron. Out of these, 3 companies namely Foxconn Hon Hai, Wistron and Pegatron are contract manufacturers for Apple iPhones. Apple (37%) and Samsung (22%) together account for nearly 60% of global sales revenue of mobile phones and this scheme is expected to increase their manufacturing base manifold in the country.

Under Mobile Phone (Domestic Companies) Segment, Indian companies includingLava, Bhagwati (Micromax), Padget Electronics, UTL Neolyncs and Optiemus Electronics are approved by MeitY.

Six companies have been approved under the Specified Electronic Components Segment which include AT&S, Ascent Circuits, Visicon, Walsin, Sahasra, and Neolync.

Over the next five years, the approved companies under the PLI Scheme are expected to lead to total production of more than 10,50,000 crore ( 10.5 lakh crore, the ministry said in a statement. Out of the total production, the approved companies under mobile phone (Invoice Value 15,000 and above) segment have proposed a production of over 9,00,000 crore. The approved companies under Mobile Phone (Domestic Companies) segment have proposed a production of about 1,25,000 crore and those under Specified Electronic Components segment have proposed a production of over 15,000 crore.

 

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Published: 14 Oct 2022, 12:05 PM IST
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