Coronavirus has badly hit the global industry as the manufacturing and other industrial activity in China came to a halt!
Seems, India is trying to transform this into an opportunity to become self-sustained.
The Government of India is reportedly working out on plans to offer ‘Make in India’ boost to the domestic manufacturing industry.
The Ministry of Electronics and Information Technology (MeitY) is reportedly working on a Rs 42,000 crore plan to encourage mobile manufacturing and productivity, domestically.
This is being looked at as a strategy to keep India at the heart of the global supply chain after China shut it operations due to COVID-19.
The new production-linked scheme is going to be a major boost to the domestic manufacturers, and especially the high-end mobile manufacturers.
Besides, it will also reduce India’s dependence on Chinese manufacturers.
“The electronics hardware manufacturing sector faces the lack of a level-playing field vis-à-vis competing nations… (and) suffers from a disability of 8.5% to 11%,” reads a statement from a source.
This disability is majorly linked to the lack of required infrastructure, domestic supply chain and logistics, high finance costs, quality power, design capabilities, industry focus on R&D and inadequacies in skill development.
The scheme will be applicable to devices with invoice value of USD 200 or more.