On Saturday, November 18, 2023, the Union Electronics and Information Technology Ministry approved the proposals of 27 tech companies including Dell, HP India, Lenovo, and Netweb Technologies, for manufacturing of IT hardware. The proposal for manufacturing IT hardware was approved under the rebooted PLI, the second phase of the production-linked incentive scheme. Union Electronics and Information Technology Minister Ashwini Vaishnaw announced the same yesterday. Since the Union Minister gave the approval to these 27 tech and electronics companies, this news has been making headlines as the companies have proposed to invest Rs 3000 crore with a production value of Rs 3.5 lakh crore in the next five years. You should unfold more details of this development in the electronics and technology sector. Stick with this page and go through it till the end for more information. Swipe down the page.
Reportedly, all the 27 companies approved under rebooted PLI by the Union Electronics and Information Technology Ministry, have in total submitted the proposal of investing Rs 3000 crore in the next 5 years with an incremental production value anticipated to be around Rs 3.5 lakh crore. Union Minister Ashwini Vaishnaw added, “Of these, 23 companies are ready to start their manufacturing on Day Zero while the other four will start production within the next 90 days. It is a very good preparation and I am very happy that the industry is moving at this pace,” Continue reading this article and learn more details.
With this development, the center expects the creation of 50,000 direct and 150,000 indirect employment offers. Earlier it was reported that the center was likely to clear the proposals for IT hardware manufacturing of at least 10 companies including Lenovo, HP India, Dell, and others. The government said in August that it received proposals from 40 IT companies with expected incremental investments of Rs 5,010 crore with an additional production worth Rs 4.65 lakh crore including exports of Rs 28,288 crore over six years. Shift to the next section to unfold more details.
As far as we know, the government in May had notified the second phase of the PLI scheme for IT hardware with a budgetary outlay of Rs 17000 crore, which was more than two folds of the incentives it had offered in the first phase with a budgetary outlay of Rs 17000 crore it offered in the first phase to attract international companies to manufacture IT hardware in India. Stay tuned to this website for more details and further updates.