India approves $143 billion smartphone manufacturing plan for Apple partners and Samsung

News India approves $143 billion smartphone manufacturing plan for Apple partners and Samsung
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Samsung and Apple, the two major smartphone brands of the world, are partnering for mass production in India. After the global shutdown due to pandemic the mass production country, China has been facing a lot of issues with India as well as the US. India is the second cheapest country for mass production which means the companies are slowly shifting to India for production.

In recent news, Samsung and three major contract manufacturing partners of Apple are among the 16 firms to get $6.65 billion incentives under India’s federal plan to boost domestic smartphone production in the coming five years. These tech giants had already applied for the incentive program back in August 2020. So Samsung and Apple are manufacturing in India, which means it could be a great threat to the chines companies like Xiaomi, Realme, OnePlus.

Also Read: Apple iPhone 12 launch event officially confirmed for October 13

Indian Ministry of Electronics and Information technology said these companies would be manufacturing electronic components, including smartphones worth $143 Billion. And in return, they will get 4- 6% of incentives on additional sales of products manufactured locally in the next five years.

This is aimed to increase the manufacturing and exporting capacity of India, which will generate more and more local jobs. As per the prediction, we can expect these companies to generate more than 200,000 direct employment while 600,000 indirect employment opportunities over the period of these five years. If everything goes according to the plan, then the era of Samsung and Apple manufacturing in India is right in the corner, which may lead to price drops of Apple products in India.

India is the world’s second-largest market of smartphone, and the production companies like Foxconn, Wistron and Pegatron are starting production in India can change the whole smartphone industry globally. Besides that, by the looks of Apple, it is evident that Apple is coming strongly to take on other brands in India as they have already launched their online store last month and have plans to expand its local manufacturing capabilities in India.

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