India has emerged as the 2nd largest mobile phone manufacturer
India has emerged as the second-largest mobile phone manufacturer in the world
India has emerged as the 2nd largest mobile phone manufacturer in the world with a 126% jump in production from financial year 2021 to fiscal 2022, shows government data.
16 companies have been approved under the scheme, including 10 mobile phone manufacturing companies and 6 electronic component manufacturing companies.
PLI Scheme for Large Scale Electronics Manufacturing notified on April 01, 2020 provides financial incentive on net incremental sales (over base year) to eligible companies involved in mobile phone manufacturing and manufacturing of specified electronic components, including Assembly, Testing, Marking and Packaging (ATMP) units, for a period of five years," said the government in Parliament.
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With a compound annual growth rate of 6%, demand for smartphones in India is expected to reach about 400 million in 2026 from 300 million in 2021, according to a recent report by Deloitte.
“Due to the Production Linked Incentive (PLI) Scheme, India is currently one of the fastest-growing mobile phone manufacturers in the world and has emerged as the second-largest manufacturer of mobile handsets in the world in volume terms,” Rajeev Chandrasekhar, minister of state for electronics and information technology.
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