12 Lakh New Jobs Openings in India Soon – IT Minister Ravi Shankar Prasad | Electronics manufacturer production worth | ₹11.5 lakh cr
12 Lakh New Jobs Openings : Electronics manufacturer proposes production worth ₹11.5 lakh cr, 12 lakh jobs said, Ravi Shankar Prasad. Ravi Shankar Prasad is an Indian lawyer, politician, and the current Union Minister holding the Law and Justice, Electronics and Information Technology and Communications portfolios in the Government of India. A member of the Bharatiya Janata Party, Prasad represents the Patna Sahib. He announced that proposals submitted by the companies to the ministry will generate up to 12 lakh employment opportunities. Among which 3 lakh direct jobs and around 9 lakh indirect jobs.
12 Lakh New Jobs Openings in India :
Ravi Shankar Prasad on Saturday announced that electronic manufacturers have proposed to produce mobile devices and components of over ₹11 lakh crore in the next five years under the government’s new Production Link Incentives (PLI) scheme. These include Pegatron, Samsung, Lava, and Dixon, and more.
22 companies have filed their application under the PLI Scheme, including five international brands – Samsung, Foxconn Hon Hai, Rising Star, Wistron and Pegatron. “The international mobile phone manufacturing companies have applied only in ₹15,000 and above segment,” Ravi Shankar Prasad said.
Out of these, 3 companies namely Foxconn Hon Hai, Wistron and Pegatron are contract manufacturers for Apple iPhones.
Apple (37%) and Samsung (22%) together account for nearly 60% of global sales revenue of mobile phones and this scheme is expected to increase their manufacturing base manifold in the country.
He said that proposals submitted by the companies to the ministry will generate up to 12 lakh employment opportunities. Among which 3 lakh direct jobs and around 9 lakh indirect jobs.
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Moreover the Domestic Value Addition is expected to grow from the current 15-20% to 35-40% in the case of Mobile Phones and 45-50% for electronic components, Minister said.
What is Production Linked Incentive Scheme?
The PLI scheme extends an incentive of 4% to 6% on incremental sales of goods that are manufactured in India to eligible companies, for a period of five years subsequent to the base year (2019-20).
The scheme was open for filing applications till 31.07.2020. Incentives are applicable under the scheme from 01.08.2020.
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