The India unit of iPhone manufacturer Foxconn has become the first global company to receive incentives totaling Rs 357.17 crore under the production-linked incentive scheme for mobile manufacturing. Incentives have been approved for the Taiwan-based company under the target segment “mobile phones” in the invoice value of Rs 15,000 and above category.
Foxconn will receive an incentive under mobile manufacturing from 1 August 2021 to 31 March 2022 based on its incremental investments and sales figures. Foxconn India is a key manufacturer of Apple iPhones in India and is part of the Taiwan-based Foxconn group, which is the world’s largest manufacturer and assembler of mobile phones.
The empowered committee, led by CEO Niti Aayog, also approved the second tranche of incentives worth Rs 58.29 crore for the domestic company category for the quarter January to March 2022. The Empowered Committee has approved Padget Electronics, a wholly owned subsidiary of Dixon Technologies, to receive incentive under mobile manufacturing for the quarter January-March 2022.
As of September 2022, the PLI scheme for Large-Scale Electronics Manufacturing had attracted Rs 4,784 crore in investment and resulted in total output of Rs 2,03,952 crore, including Rs 80,769 crore in exports. The scheme has also resulted in the employment of 40,916 people.
Manufacturing of electronic components is expected to reach $300 billion by 2025-26.