: PLI scheme catalyst for growth of electronics manufacturing sector: MeitY #finance #StockMarketNEWS PLI scheme catalyst for growth of electronics manufacturing sector: MeitY New Delhi, Sept 30 (KNN)

PLI scheme catalyst for growth of electronics manufacturing sector: MeitY #finance #StockMarketNEWS
PLI scheme catalyst for growth of electronics manufacturing sector: MeitY New Delhi, Sept 30 (KNN) The Mobile phone production, which had sunk to Rs 18,900 crore in 2014-15, is now up over 14 times to Rs 2,75,000 crore, said the Ministry of Electronics and Information Technology (MeitY) on Thursday.

The ministry noted that that the PLI Scheme has turned out to be a catalyst for the growth of India’s electronics manufacturing sector. Around 28 perc cent jump of Rs 60,000 crore was recorded within the first year of the scheme.

“The PLI scheme has also helped in increasing the mobile exports, which were almost zero in 2015-16 to reach Rs 27,000 crore in 2019-20,” it said.

As per reports, In a YoY comparison for the first 5 months of April-August, mobile exports were up 140 per cent to Rs 25,000 crore from Rs 10,300 crore.

PLI scheme on Large-Scale Electronic Manufacturing, which includes manufacturing of mobile phones and specified electronic components, was approved in March 2020, with an outlay of Rs 38,645 crore.

A total of 16 firms which include 5 global firms under category Mobile Phone, 5 domestic and 6 overseas companies under Specified Electronic Components were approved under the scheme. (KNN Bureau)

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