Apple Inc.’s major iPhone assemblers – Foxconn Technology Group, Wistron Corp, Pegatron Corp – were among those companies that won the approval of the Indian government to manufacture products in the country under a plan aimed at boosting investment of over ₹10.5 trillion for mobile-phone production over the next 5 years.
Apart from Apple’s primary suppliers, Samsung was also among the list of global firms, as per the country’s Ministry of Electronics and Information Technology.
It should be noted here that Apple and Samsung together account for approximately 60% of the global sales revenue of mobile phones.
In the next five years, about 60% of the total production (₹6.5 trillion) is likely to be exported, the government said.
India is attempting to attract the world’s biggest smartphone brands amid rising tensions between the United States and China to make their products locally for global export with its Production Linked Incentive (PLI) program.
Following the violent faceoff with China along the Himalayan border earlier this year, India is seeking to lure brands seeking to diversify their manufacturing bases away from China.
Meanwhile, local manufacturers UTL Neolyncs, Lava, Padget Electronics Pvt were also approved under the plan.