Rajeev Chandrasekhar praises PM Modi’s PLI scheme for boosting exports and creating jobs
New Delhi, March 22 (IANS) Prime Minister Narendra Modi’s visionary production linked incentive (PLI) scheme is making remarkable progress in production, exports, and job creation, according to Union Minister of State for Electronics and IT Rajeev Chandrasekhar. In a recent social media post, the minister highlighted the success of the scheme, with Apple exceeding Rs 1 lakh crore worth of iPhone production in just 11 months of FY24. The production has also resulted in the creation of a substantial number of new jobs in iPhone factories run by Foxconn, Pegatron, and Wistron, with a significant portion of the output set for export.
Industry data shows that Apple has exported iPhones worth around Rs 65,000 crore to various countries, marking a substantial contribution to India’s exports. The India Cellular & Electronics Association (ICEA) reported a significant surge in mobile phone production value, from Rs 18,900 crore in 2014-15 to an estimated Rs 4.10 lakh crore in FY24, indicating a more than 20-fold increase. Over the last decade, a total of over 245 crore mobile phone sets have been manufactured in India, reflecting the sector’s growth and potential.
In the initial years of the PLI scheme, mobile phone exports from India were limited, but the recent data suggests a significant shift towards becoming a competitive electronics manufacturing hub. The scheme’s focus on Large-Scale Electronics Manufacturing (LSEM) and IT hardware is driving India’s progress in the sector, as experts believe it will enhance the country’s position in the global electronics market. The success of the PLI scheme is not only boosting production and exports but also creating employment opportunities for the youth in the electronics industry, thereby contributing to India’s economic growth and development efforts.
