Business
India unveils expanded production incentive plan for IT products to $2 bln
India on Wednesday unveiled an expanded incentive scheme to attract major investment in IT hardware manufacturing, doubling the amount to $2 billion as it aims to spur domestic production of laptops and tablets.
The program, which also covers personal computers and servers, is expected to benefit global and Indian companies such as Dell, Wistron Corp, Dixon, and Foxconn.
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The scheme is key to India’s ambitions to be global hub in electronics manufacturing, with the country targeting an output worth $300 billion by 2026.
The revised plan will be for a period of more than six years, with India offering cash-backs for manufacturers on sales of locally made goods that exceed an annual target. The original incentive plan was announced in February 2021.
The investments via the plan is expected to create more than 75,000 jobs, the government said.
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