In a major boost to Prime Minister, Shri Narendra Modi’s vision of Atmanirbhar Bharat, the Ministry of Communications granted approval to 42 companies including 28 MSMEs under PLI Scheme for Telecom and Networking Products. Out of which 17 companies have applied for additional incentive of 1% under design-led manufacturing criteria. These 42 companies (Annexed) have committed investment of Rs. 4,115 crores. This is expected to generate additional sales of Rs. 2.45 Lakh crores and create additional employment of more than 44,000 over the scheme period.
To create a robust domestic value chain, Union budget of FY2022-23 announced design-led PLI Scheme for telecom and networking products. It provided additional incentive of 1% over and above the existing incentives for products that are designed and manufactured in India. Design-led PLI scheme was launched in June 2022 and applications were invited from Design-led manufacturers as well as others, for availing incentive under the PLI Scheme for five years commencing from 1st April 2022. Ashwini Vaishnaw Presents DFCCIL Employees with Awards for Outstanding Performance.
The existing companies under PLI scheme for telecom and networking products were allowed to add more products and apply under design led PLI scheme. They were also given the benefit of shifting their 5-year PLI Scheme period by one year. 22 companies availed this opportunity of shifting their first year which includes 13 companies who have applied as fresh applicants. Centre Unveils New Policy Reforms for Satcom Services; Ashwini Vaishnaw Urges Industry To Increase Tower Deployments for Speedy 5G Rollout.
The enthusiastic response from domestic and global manufacturers to the concrete steps taken by Government of India to encourage manufacturing in telecom equipment indicates strong confidence in initiatives of the Government. India is poised to emerge as design and manufacturing hub for telecom and networking equipment.
(The above story first appeared on Today News 24 on Oct 31, 2022 04:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
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