Boost for Aatmanirbhar Bharat: Govt receives Rs.11 lakh crore investment proposals

NEW DELHI: Union Telecom and IT Minister Ravi Shankar Prasad has said that 22 companies have expressed interest and submitted proposals to manufacture mobile phones in the country for a total of Rs 22 lakh crore in the next 5 years.

The Central Government received these proposals under the Rs.41,000 cr production linked incentive(PLI) scheme for mobile phone manufacturing. The government expects to create around 3 lakh direct and 9 lakh indirect jobs through this scheme. Additionally, this will create a domestic value addition of around 35-40% as against the 15-20% available currently.

The companies that have expressed interest come from Taiwan, Germany, Austria, South Korea, and others. However, no Chinese companies have expressed interest under the scheme.

Prasad said that there isn’t any bar on investment from any country but all companies need to follow all the rules related to security clearance and other requirements.

By 2025, the demand for electronics is expected to grow in double digits. The PLI scheme aims to ensure India remains a competitive destination for electronics manufacturing and will give a boost to Atmanirbhar Bharat.

The good news is that the Government has exceeded its manufacturing revenue target but the final outcomes depend on the screening committee who will examine all the projects eligible for incentives.

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