Indian govt meets Foxconn, Samsung, Reliance to improve PLI scheme

Foxconn Technology

28/06/2023 14:26

By Shivangi  Acharya
       NEW DELHI, June 28 (Reuters) - The Indian government met
large global firms such as Foxconn  2354.TW , Samsung
Electronics  005930.KS  and Reliance Industries  RELI.NS  to
find ways to boost manufacturing in the country with its
production-linked incentive (PLI) scheme. 
    The meeting, addressed by India's Trade Minister Piyush
Goyal on Tuesday, comes amid concerns that some of the
businesses were facing delays in availing the incentives from
New Delhi amid complicated procedures.
    The discussions included ways to improve local manufacturing
at competitive costs, higher domestic value-adds in production,
and quick grievance redressal, the government said in a
statement on Wednesday.
    The meeting was also attended by executives from iPhone
maker Wistron  3231.TW , laptop maker Dell  DELL.N ,
telecommunications firm Nokia Solutions and others that
benefited from the scheme's incentive payouts.
    The PLI scheme, introduced in late 2020, is Prime Minister
Narendra Modi's main industrial policy to boost manufacturing.
    The government has so far announced incentives for 14
sectors including electronics and technology products,
pharmaceutical drugs, and drones, among others, drawing
investments totalling 625 billion Indian rupees ($7.62 billion)
until March 2023, per the statement. 
    Investments under the PLI scheme are expected to rise
further to 2.74 trillion rupees as it runs its course, according
to government estimates.
    With more than 1.97 trillion rupees earmarked for
incentives, payouts totalled 29 billion rupees until fiscal 2023
across eight industries.
    
    ($1 = 82.0469 Indian rupees)

 (Reporting by Shivangi Acharya; Editing by Janane Venkatraman)
 ((Shivangi.Acharya@thomsonreuters.com;))