Key Points
This move highlights Indias growing significance as a manufacturing hub for the Korean giant, which sees the country as its second-largest manufacturing base..
This move aimed to reduce Indias dependence on imported IT hardware, aligning with the production-linked incentive (PLI) schemes for consumer electronics like personal computers, laptops and tablets..
In May 2023, the government introduced the revamped 17,000 crore PLI scheme for IT hardware to attract manufacturers of laptops, tablets, and other hardware to India, after the first version with a lower allocation failed to take off..
Relying on projections by global market research firms, Roh said that indicators were suggesting an increase in market growth by about 5% in 2024, which will take the market back to 2022 levels, but noted the need for new features like Galaxy AI, which is AI on mobile phones, that will create new use cases among smartphone users and fuel demand in 2024..
The country will also remain instrumental in developing Galaxy AI technology as the leading base of state-of-the-art smartphone technology, the senior executive said, while noting important contributions made by the R&D centres in Noida and Bangalore, in the software development to optimize AI for mobile, in proofing the AI interpretation and in the translation service..
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