The Economic Times daily newspaper is available online now.

    Foxconn group firm says PLI scheme extension will help speed up business

    Synopsis

    The Apple iPhone maker which is diversifying its operations outside of China and Taiwan has been approved by the government to qualify for PLI incentives by production via its two units- Hon Hai and Rising Stars.

    FOXCONN---AGENCIESAgencies
    Taiwanese electronics major Foxconn said the extension granted for achieving manufacturing targets under the production-linked incentive (PLI) scheme will help the company to accelerate its business and qualify for receiving incentives.

    “We are delighted that the PLI scheme change in the base year has been extended by the Government of India in the light of a challenging year for all companies due to the pandemic situation. This thoughtful change will help us to accelerate our business and thereby achieve the qualifying revenue under the PLI Scheme,” said Josh Foulger, Country Head and Managing Director, Rising Stars Mobile (A Foxconn Technology Group Company).

    The Apple iPhone maker which is diversifying its operations outside of China and Taiwan has been approved by the government to qualify for PLI incentives by production via its two units- Hon Hai and Rising Stars.

    But, like all other companies, despite making timely investments, Foxconn was unable to meet the output target for the first year because of the pandemic and other global supply chain pressures.

    Under the scheme the Centre is looking to make the country a global manufacturing hub with an export target for phones worth $100 billion over the next five years. Out of this close to $40 billion worth of exports will come from Foxconn and rival iPhone maker Wistron alone.

    Currently, Apple sells iPhones worth $1.5 Bn in India, of which less than a third are locally manufactured.


    (You can now subscribe to our Economic Times WhatsApp channel)
    (Catch all the Business News, Breaking News Budget 2024 News, Budget 2024 Live Coverage, Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    ...more

    (You can now subscribe to our Economic Times WhatsApp channel)
    (Catch all the Business News, Breaking News Budget 2024 News, Budget 2024 Live Coverage, Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    ...more
    The Economic Times

    Stories you might be interested in