New Delhi: The South Korean electronics giant Samsung’s thoughts on shifting part of its smartphone production unit to India comes as a shot in the arm for Prime Minister Narendra Modi’s ‘Vocal For Local’ call.
It has submitted estimates of producing devices worth over $40 billion (Rs 3 lakh crore) in India, in the next five years, The Economic Times reported citing sources, on Monday.
The firm is likely to diversify its production lines to make smartphones under the Production Linked Incentive (PLI) scheme. While the company currently makes roughly 50 per cent of its phones in Vietnam, it is in the process of winding up manufacturing in South Korea, where labour costs are high.
As per PLI schemes, the electronics company has the potential to get an incentive of around Rs 7,500 crore if it scales up production to worth about Rs 1.5 lakh crore over the next five years. The government expects the programme for electronics alone could lead to $153 billion worth of manufactured goods over the next five years and create about one million jobs directly and indirectly.
Samsung runs its largest mobile phone manufacturing unit in the world in Noida, from where it also exports to other markets. In addition, it has manufacturing bases in Brazil and Indonesia too.
Bhubaneswar: Astronaut Sunita Williams feels that residents of planet Earth take small things in life a…
Bhubaneswar: At a time when he should have been grieving the loss of his son, Kailash…
Bhubaneswar: Odisha Chief Minister Mohan Charan Majhi will receive the people's complaints in his grievance…
Mumbai: Actress Radhika Apte, who has been married to British composer Benedict Taylor since 2012,…
Mumbai: Kangana Ranaut’s ‘Emergency’ has finally been passed by the Central Board of Film Certification…
Bhubaneswar: In the wake of some habisyalis staging a protest for being denied free accommodation…
Mumbai: Shah Rukh Khan, the self-made superstar of Bollywood, received the Lifetime Achievement Award at…
Bengaluru: It was a clear error in judgment which resulted in Team India’s ignominous batting show…