: PLI scheme propels manufacturing of headphones & earphones in India #finance #StockMarketNEWS PLI scheme propels manufacturing of headphones & earphones in India New Delhi, 22 Dec (KNN) Large companies

PLI scheme propels manufacturing of headphones & earphones in India #finance #StockMarketNEWS
PLI scheme propels manufacturing of headphones & earphones in India New Delhi, 22 Dec (KNN) Large companies selling wearables and headphones have begun expanding local manufacturing in order to improve margins, take more control of supply chains and reduce their dependence on Chinese imports amid a push to make mobile phones in India.

Optiemus Electronics, a home grown manufacturer approved to receive production linked incentive (PLI) scheme for mobile phones, has started making dozens of hearable and wearable products for Noise, a brand owned by Gurugram based Nexxbase Marketing Private limited at its Noida plant, reports mint.

“In the coming year, we plan to focus on a larger portfolio to manufacture in India itself. In the initial phase, we are planning to design and manufacture truly wireless (TWS) headphones in India with Optiemus Electronics,” said Amit Khatri, co-founder of Noise.

International data corporation (IDC) latest data shows India’s wearable market grew by 93.8% year-on-year in Q3CY21. A total of 23.8 million units were shipped during the quarter.

Tarun Pathak, research director at Counterpoint, said that a few quarters ago, almost 100 per cent of the segment was dependent on imports, which has started to change. “Local manufacturing will allow brands to ship faster and have more control over the supply chain. He added.

“The pandemic gave us an opportunity to manufacture internally and now we are trying to grow as a make in India brand,” said Vivek Gambhir, CEO, boAt (Imagine Marketing Pvt. Ltd). Boat has set up and R&D centre in Bengaluru and started to make its products in India.

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