Summary:

The smartphone production-linked incentive (PLI) scheme has generated substantial revenue for India, producing 19 times the value of incentive disbursements over the last four fiscal years. According to the ICEA, it contributed US$ 13.03 billion (Rs. 1,10,000 crore) to the exchequer, while producing goods worth US$ 148.71 billion (Rs. 12,55,000 crore) between 2021 and 2024. Additionally, GST revenue grew by US$ 5.69 billion (Rs. 62,000 crore).

The smartphone PLI program, which aimed to boost production, exports, job creation, and FDI, has proven successful, with Apple’s manufacturers (Foxconn, Pegatron, and Wistron) and Samsung driving growth. A few Indian companies, including Dixon Technologies, met the incentive targets. Since FY21, the scheme has created 300,000 direct jobs and 600,000 indirect jobs, primarily for women. India’s cumulative exports reached US$ 34.01 billion, making it the third-largest smartphone exporter by 2023.

Source: IBEF 

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