India expands production incentive plan for IT products to $2 bln (updated)

Wistron

17/05/2023 11:16

(Adds details on incentive scheme)
       NEW DELHI, May 17 (Reuters) - India on Wednesday
unveiled an expanded incentive scheme to attract major
investment in IT hardware manufacturing, doubling the amount to
$2 billion as it aims to spur domestic production of laptops and
tablets.
    The programme, which also covers personal computers and
servers, is expected to benefit global and Indian companies such
as Dell  DELL.N , Wistron Corp  3231.TW , Dixon  DIXO.NS , and
Foxconn  2317.TW .
    The scheme is key to India's ambitions to be global hub in
electronics manufacturing, with the country targeting an output
worth $300 billion by 2026.
    The revised plan will be for a period of more than six
years, with India offering cash-backs for manufacturers on sales
of locally made goods that exceed an annual target. The original
incentive plan was announced in February 2021.  
    The investments via the plan is expected to create more than
75,000 jobs, the government said.
    

 (Reporting by Munsif Vengattil in New Delhi; Editing by Andrew
Heavens and Jane Merriman)
 ((munsif.vengattil@thomsonreuters.com;))