Anand Mahindra welcomes government’s PLI scheme as India manufactures mobiles worth ₹ 2.75 lakh crore in FY22 | Tech US News

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Mahindra Group Chairman Anand Mahindra hailed the success of the PLI (Production Linked Incentive) scheme for mobile phones. Sharing a post on Twitter about India’s mobile phone production and exports, the manufacturer suggested that the Center should clear all hurdles to achieve the “$60 billion” target.

According to Mahindra’s post, India produced value. 2.75 lakh crore mobile phones in 2021-22 as compared to 2016-17. 90,000 crores.

Further, mobile phone exports accounted for 16% of production in FY2021-22 compared to 1% in FY2017.

According to the news clip, the country’s mobile exports are expected to increase by 22% this fiscal year. This means mobile exports are likely to be around $9 billion in FY23.

Sharing the success of India’s mobile manufacturing capacity and export growth, Anand Mahindra wrote, “Pause and absorb what is essentially a glimpse into the future. Target: $60bn phones in 26! The tip of the spear.” which can make India an important export powerhouse”.

“With this initial success of PLI, the government must remove the hurdles to the $60bn target,” he added.

Earlier this month, the Ministry of Electronics and Information and Technology (MeitY) sanctioned 16 eligible applicants under the PLI scheme.

International mobile phone manufacturing companies approved under mobile phones (invoice value). 15,000 and above) segment are Samsung, Foxconn Hon Hai, Rising Star, Wistron and Pegatron. 3 of these companies namely Foxconn Hon Hai, Wistron and Pegatron are contract manufacturers of Apple iPhones. Apple (37%) and Samsung (22%) together account for around 60% of the global sales revenue of mobile phones and the scheme is expected to increase their manufacturing base in the country manifold.

Under the mobile phone (domestic companies) segment, Indian companies including Lava, Bhagwati (Micromax), Padget Electronics, UTL Neolyncs and Optiemus Electronics are approved by MeitY.

Six companies have been approved under the specialty electronic components segment, including AT&S, Ascent Circuits, Visicon, Walsin, Sahasra, and Neolync.

Over the next five years, companies approved under the PLI scheme are expected to generate a total output of more than 10,50,000 crore ( 10.5 lakh crore, the ministry said in a statement. Out of the total production, approved companies under mobile phones (invoice value 15,000 and above) segment has suggested production of more than that. 9,00,000 crore. The approved companies under the Mobile Phone (Domestic Companies) segment have proposed production of approx. 1,25,000 crore and under the specific electronic components segment they have proposed to produce more than that. 15,000 crore.

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