Key Points
Rising Star (Bharat FIH), Lava, and Optiemus Electronics are among the companies that have not met the PLI targets and are unlikely to receive incentives.Representative.
Apple Inc.'s three contract manufacturers in India - Foxconn (Hon Hai), Wistron (now owned by Tata group) and Pegatron - along with South Korea's Samsung and homegrown electronics company Dixon Technologies are set to get more than 4,400 crore in incentives for meeting targets in FY23 under the government's production-linked incentive (PLI) scheme for smartphones...
However, since some of the ten companies selected have not met the production targets outlined in the scheme, the original planned outlay of 6,504 crore for FY24 will not be fully utilised, officials aware of the details told ET..
So far, the government has released around 2,500 crore under the scheme, of which 500 crore has been disbursed to Samsung for meeting targets of the first year of the scheme, while 1,700-2,000 crore has been released for the three contract manufacturers of Apple and Dixon...
To qualify for the benefits, companies such as Samsung and Apple's contract manufacturers need to invest a minimum of 250 crore in the first year of the scheme and a similar amount in each of the next three years..
You might be interested in
Government allocates over Rs 4,400 crore to Apple, Samsung & other smartphone manufacturers under PLI scheme
04, Mar, 24India Business News: Apple's three Indian contract manufacturers - Foxconn (Hon Hai), Wistron (now owned by Tata group), and Pegatron - alongside Samsung from South Korea and domestic electronics company Dixon Technologies are slated to receive over Rs 4,400 crore in incentives for achieving targets in FY23 through India's production-linked incentive (PLI) scheme for smartphones.
Samsung to finally get its FY21 incentives under PLI scheme
30, Dec, 23The Indian government has cleared over ₹500 crore claims for South Korean smartphone manufacturer Samsung for the first year of the smartphone production-linked incentive (PLI) scheme, which was granted after over two years of revisions due to discrepancies in the original paperwork. Samsung had initially filed for ₹900 crore, claiming to have achieved a target of ₹15,000 crore worth of incremental sales for FY21.
Over ₹1,500 crore left in kitty, telecom PLI 2.0 in works
22, Nov, 23The Department of Telecommunications (DoT) had notified the PLI scheme for telecom and networking products in February 2021 with an outlay of ₹12,195 crore. A total of 31 companies were given approval on October 14, 2021 for the scheme, which offers incentives in the range of 4% to 7% for different categories and years. For MSMEs, a 1% higher incentive is proposed in year 1, year 2 and year 3.
Samsung may lose PLI sops for first year on invoicing issues
03, Jun, 23The Korean company has said it is in advanced talks with the government on payout; it stressed its commitment to India.
Foxconn, Wistron, Pegatron, Samsung to get more than Rs 4,400 cr under PLI
04, Mar, 24Some of the 10 companies selected have not met the targets, and hence the original planned outlay of Rs 6,504 crore for FY24 will not be fully utilised.
Samsung to get up to ₹600 cr as phone manufacturing PLI
14, Aug, 23This would be the largest payout ever under the scheme, the first in a series of similar schemes rolled out to incentivize domestic manufacturing
Hybrid model under IT PLI 2.0: Global firms allowed to choose lower investment threshold
30, May, 23Can invest `250 or `500 crore over 6 years for incentives
PLI: Commitment crosses initial plan, to rise further
28, May, 23Outlay at Rs 2.05 trn against initial plan of Rs 1.97 trn.
Government may clear 10 PLI sops bid from IT hardware companies
10, Nov, 23The ministry of electronics and information technology may send a confirmation to these companies and make the announcement over the next few days, according to sources aware of the developments.