As part of ‘AatmaNirbhar’ and Make in India initiatives, the government launched the PLI 2.0 scheme to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports.
Prime Minister Narendra Modi announced a $2.1 billion financial incentive plan under the PLI 2.0 scheme for tech companies as part of the ‘Make in India’ and ‘AatmaNirbhar’ initiatives in May 2023. Following the announcement, approximately 40 tech companies, including HP, Dell, and Foxconn, had applied under the central government’s scheme as of August 30, 2023.
The scheme, a financial incentive plan, will bolster India’s manufacturing sector for local production of IT hardware such as laptops, tablets, and servers. Moreover, the tech firms applying for this scheme will receive incentives and subsidies for sourcing locally produced components. In addition to this, a cashback of nearly 5% of factory prices of finished products will be provided, as per reports.
Source: People Matters
