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Govt commits Rs 357 cr for Foxconn under PLI scheme

Wednesday, 21 Dec 2022

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A NITI Aayog-led committee has approved a production-linked incentive (PLI) scheme of over Rs 400 crore to mobile phone manufacturer Foxconn India and Padget Electronics for large-scale electronics manufacturing (LSEM).

Taiwanese behemoth Foxconn Hon Hai Technology which is the manufacturing partner for Apple’s iPhone will be the beneficiary of incentives worth Rs 357.17 crore for the period between August 1, 2021 and March 31, 2022. Among many contenders comprising global and domestic players, Foxconn is the first global company which has been approved under the target segment ‘Mobile Phones’ for this incentive.

Noida-based Padget Electronics Pvt. Ltd, would receive an incentive of Rs 58.29 crore for the January–March 2022 quarter. Apart from this, the company has received Rs 53.28 crore for LSEM for August–December 2021.

The PLI scheme was issued by Department of Telecom (DoT) on February 24, 2021 with a financial outlay of Rs 12,195 crore spread over five years and aims to incentivise the LSEM.sector. The panel is also represented by ministry of electronics and IT (MeitY) and department for promotion of industry and internal trade (DPIIT).