Tag: Global Brands

Highlights 32 international tech companies, including HP, Dell, ASUS, Acer, and Lenovo, have applied to manufacture in India under the PLI 2.0 scheme, as reported by Reuters. The scheme is expected to attract an investment of Rs 24.3 billion and create 75,000 direct jobs in India. PLI 2.0, part of India’s ‘Make in India’ initiative, was designed to encourage long-term growth by tying incentives to incremental sales and investments. The government of India has reportedly announced that at least 32 international technology companies have applied to manufacture devices locally, following the imposition of import restrictions earlier this month. This influx of applications, which is part of the Production-Linked Incentive (PLI) 2.0 scheme, is expected to reportedly bring a staggering investment of approximately Rs 24.3 billion into the Indian economy and create about 75,000 direct jobs, according to government figures. The restrictions on laptop imports initially sparked outrage and halted imports by major global brands such as Apple, Samsung, and HP. Yet, in a fascinating twist, HP became an early adopter of the PLI 2.0 scheme. Prominent brands such as Dell, ASUS, Acer, and Lenovo followed suit and have also joined the fray. Pankaj Mohindroo, Chairman of the India Cellular and Electronics Association (ICEA), spoke highly of the development. "We are humbled by the staggering response. The IT hardware vertical is the 2nd largest in electronics after smartphones and a strong presence in this segment is essential. The days when our nation could not convince the global industry about its competitiveness and EODB are coming to an end. This will be a double-engine industry —Lead firms of GVC’s and Emerging Indian champions will be the 2 engines of growth. At the same time, we are cognisant about concerns of global industry regarding licensing norms and will ensure that ease of doing business is not disrupted even a bit.” India's PLI 2.0 Scheme The PLI 2.0 scheme, announced in May 2023, is a pivotal aspect of Prime Minister Narendra Modi’s 'Make in India' initiative. The program was formulated with heightened flexibility and ties incentives to incremental sales and investments, encouraging applicants to strive for continual growth. Moreover, the application window was last extended to August 30, 2023, signaling a desire for more companies to join the initiative. Ashwini Vaishnaw, the Union Minister of Communications and IT, has an optimistic outlook, as per the Reuters report, on this industry-wide shift. According to him, the new applications from 32 international brands and the subsequent expected surge in local production will render import restrictions irrelevant. What began as a move that incited controversy and brought imports to a standstill has now fostered an unprecedented alignment of global tech giants. Local manufacturing is projected to start by April 2024, with Made in India laptops likely to hit the market sometime next year. Made in India Laptops FAQs What is the PLI 2.0 Scheme? PLI 2.0, or Production-Linked Incentive 2.0, is an initiative by the Indian Government to encourage companies to manufacture locally. The incentives are tied to incremental sales and investments. Who are the major companies that have applied? Major technology firms like HP, Dell, ASUS, Acer, and Lenovo have applied to manufacture in India under the PLI 2.0 scheme. What is the expected impact on the Indian economy? The scheme is anticipated to bring in an investment of approximately Rs 24.3 billion and generate around 75,000 direct jobs. What was the initial public reaction to import restrictions? The initial ban on laptop imports met with significant public outrage, causing some major global brands to halt imports temporarily. Also Read: JioCinema breaks records in TATA IPL 2023 opener: 50 crore viewers & 2.5 Cr downloads becomes most downloaded app in a single day During CSK vs GT T20 Match Also Read: Tata Becomes the First iPhone Manufacturer Company in India; Details Inside

Tag: Global Brands

Popular articles

iQOO Neo 11 Ultra Full Specifications Leak Ahead of August 18 Launch

Google Pixel 11 Pro XL Geekbench Listing Reveals Tensor G6 Performance and Key Specifications

OPPO Enco Clip2 and OPPO Watch X3 Mini Get New Colours Launching on 14th August

iQOO 16T Leak Tips 200MP Camera, Dual Cooling System and No Periscope Lens

OPPO K14, K14x and A6 Series Prices Hiked Again in India – Check New Prices

EDITOR PICKS

iQOO Neo 11 Ultra Full Specifications Leak Ahead of August 18 Launch

Google Pixel 11 Pro XL Geekbench Listing Reveals Tensor G6 Performance and Key Specifications

OPPO Enco Clip2 and OPPO Watch X3 Mini Get New Colours Launching on 14th August

POPULAR POSTS

Best TWS Earbuds for Under Rs 2,000

Best 50 Inch 4K Smart TVs in India Under Rs 50,000 – Sony, Samsung, LG, Xiaomi and More

8GB RAM Phones Under ₹20,000 in India

POPULAR CATEGORY

FOLLOW US