Centre clears PLI incentive for Padget Electronics, Foxconn India

The Empowered Committee has issued incentives to Padget Electronics and Foxconn India. The committee was headed by Param Iyer, Chief Executive Officer (CEO) of the National Institution for Transforming India (NITI) Aayog. An incentive of Rs 58.29 crore has been provided to Padget Electronics and Rs 357.17 crore to Foxconn India. The incentive was issued for mobile manufacturing under the Production-Linked Incentive (PLI) scheme for the Large-Scale Electronics Manufacturing (LSEM) sector. Incentives have been approved for Padget Electronics for incremental sales and interments for the period of January to March 2022. Foxconn India is going to receive the incentive under mobile manufacturing for the period 1 August 2021 to 31 March 2022. The incentive will be issued to the company on the basis of its incremental investments and sales figures. The firm was the first global company which got approved under the mobile phone-making segment. The Ministry of Electronics and Information Technology (MeitY) presented the proposals for the disbursement of incentives. The presented proposals were considered by the Empowered Committee. The committee comprised Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Anurag Jain, NITI Aayog CEO Param Iyer, MeitY Secretary Alkesh Kumar Sharma, and other members of its committee. The PLI scheme for LSEM has received an investment of Rs 4,784 crore as of September. It led to production of Rs 2,03,952 crore, which includes exports of Rs 80,769 crore. The scheme has also led to a generation of employment for 40,916 people. Electronics manufacturing will likely grow to $300 billion by 2025-26 as mentioned in the report by Mint. The PLI for the LSEM sector has attracted leading global players like Samsung, Pegatron, Foxconn, Rising Star and Wistron. It has also received interest from domestic companies. Domestic firms including Micromax, Optiemus, Lava, United Telelinks Neolyncs and Padget Electronics have also participated in the scheme. Padget Electronics is a 100 per cent subsidiary of Dixon Technologies and has facilities of manufacturing in Noida, Uttar Pradesh. On the other hand, Foxconn India is owned by Hon Hai Precision Industry Company Ltd, a part of the Foxconn Group. The company is a Taiwanese multinational electronics contract manufacturer. It is headquartered in Tucheng, New Taipei City. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.