Tuesday, July 23, 2024
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Foxconn, Wistron, Pegatron, and Samsung will each receive more than Rs 4,400 crore through the PLI.

Apple’s three major contract manufacturers in India—Foxconn, Wistron (owned by Tata), and Pegatron—are poised to get Rs 4,400 crore incentives for smartphones in FY23 to meet targets set through government incentive schemes on the manufacturing process. South Korea-based Samsung and Dixon Technologies, a homegrown company, could also match their share of the stimulus.

However, a fraction of the 10 companies that made corporate decisions did not meet the target, thus contributing Rs 6,504 crore planned in FY 24. Notably, Rising Star (Bharat FIH), a Xiaomi contract maker has consistently ignored targets as the launch of the PLI in FY21 by Indian companies Lava, which includes Optiemus Electronics.

Officials have allocated a round of Rs 2,500 crore under the PLI scheme, with Samsung getting Rs 500 crore, Foxconn, Wistron, Pegatron and Dixon all getting Rs 1,700 crore and Rs 2,000 crore respectively in the second 12 months of the default goals that Samsung now 1/3 of the meet 12 months said compliance.

The PLI program led to a significant boost in cellular smartphone exports, which reached $10.5 billion for the entire April-December 2023 period.

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