The move is likely to boost exports from India, where global companies such as Samsung Electronics Co Ltd, Apple Inc - through contract manufacturers Hon Hai Precision Industry Co Ltd (Foxconn) and Wistron Corp - Xiaomi Corp and Oppo assemble smartphones.
MUMBAI: India’s Cabinet has approved a 480 billion rupees (US$6.37bil) plan to boost electronics manufacturing and woo large investment to a country which, following Prime Minister Narendra Modi’s Make-in-India drive, has become the world’s second-biggest mobile phone manufacturer.
New Delhi will provide companies a production-linked incentive of 4% to 6% on incremental sales - over base year 2019-20 - of goods made locally for five years, the government said in a statement on Saturday.
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