New Delhi, May 22 (SocialNews.XYZ) The government's production-linked incentive (PLI) scheme will not only help Indian companies boost production but also push the country to emerge as one of the largest hubs for manufacturing not only for the domestic market but globally, Sunil Vachani, Co-founder and Executive Chairman of homegrown manufacturer Dixon Technologies, said on Wednesday.
Speaking to IANS, Vachani said the PLI scheme, when launched by Prime Minister Narendra Modi, had three or four broad objectives.
One of the objectives was how we manufacture mobile phones and electronic products at a global scale. The second objective was that we needed to create large-scale employment,” he said.
Since the launch of the PLI scheme, more than 3 lakh people have been employed indirectly, with a total of over 4 lakh new jobs.
Moreover, India is set to achieve the target of Rs 20 lakh crore worth of mobile phone production in the last 10 years, while crossing Rs 1.20 lakh crore worth phone exports in the current fiscal year (FY24) -- a whopping 7,500 per cent increase in exports over a decade.
According to Vachani, the idea is that we should create Indian champions who should go on to become global companies, addressing global markets in times to come.
"I am happy to see that a few Indian companies have risen to the challenge and emerged as global champions and Indian champions in a very short period of time," he told IANS.
Responding to Vachani's speech, PM Modi wrote on X, "The transformation in India's mobile phone and electronics industry is truly remarkable. It is a testament to India's potential and the proactive steps taken in the last few years to realise it".
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz