In a significant development, Prime Minister Narendra Modi-led Union Cabinet has given its approval to the Production Linked Incentive (PLI) Scheme for the IT hardware segment, with a substantial budget allocation of Rs 17,000 crore. This PLI Scheme 2.0 for IT Hardware aims to leverage the achievements of the PLI scheme implemented for mobile phones, which played a pivotal role in establishing India as the world’s second-largest mobile phone manufacturer. Notably, the exports of mobile phones have also surpassed a significant milestone of $11 billion (equivalent to around Rs 90 thousand crores) this year.
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India is rapidly gaining recognition as a reliable supply chain partner for prominent global companies. Leading IT hardware corporations have expressed significant interest in setting up manufacturing units within the country. This positive trend is reinforced by the robust IT services industry, which experiences substantial demand domestically. Major companies aspire to serve both the domestic market in India and utilize the country as an export hub for their products.
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