Prime Minister Narendra Modi’s ‘Make in India‘ initiative, is on the right track to achieve something great in the near future. The Government has received worth Rs 90,000 crore investment proposals in the past few months for manufacturing electronic equipment’s in the country.
Hardly there is any company which has not shown interest to establish their firm and manufacture in India. Government, since last one year has been promoting manufacturing in the country, especially electronics and the initiative now looks to have been successful.
Ajay Kumar, Additional Secretary in Ministry of Communications and IT said, “About Rs 90,000 crore worth proposals were received in the last two months.” Further he said, “India is already the fastest-growing smartphone market and is now becoming the fastest-growing manufacturing destination of phones”
As India is the fastest growing smartphone market Foreign based handset and electronics manufacturers are interested in starting manufacturing operations in India. Few of them are also planning to shift their manufacturing activities completely to India from China.
If the Department of Electronics and IT is to be believed, then in coming next 5 years i.e. by 2020 demand for electronics in India is expected to attain USD 400 billion. On the other hand the electronic sector has the capability to have 100 billion investment and 28 million jobs for people.
As per the reports, in the last 12 months proposals worth Rs.10 lakh crore have been received by the government under the Modified Special Incentive Package Scheme (MSIPS) from different electronic organizations to set up their associative manufacturing branch. Moreover out of the total proposals received, more than 80 per cent of them have “materialised” in the past two months.
Further revealing the names of the companies interested in setting up manufacturing units in India, Kumar said “people of India have significant interest in mobile phones”. There are many Indian companies which were till last few months were importing. So the foreign firms took this decision to set up the units in India.
As per the reports submitted by CyberMedia Research, 24.8 per cent of smartphones shipped in the country during April-June quarter of 2015 were made in India as compared to the previous quarter during which it was 19.9 per cent.
After over a decade Japanese tech giant Sony Corp has again planned to resume the work of manufacturing televisions in India.
Earlier in the month of August itself Taiwanese tech giant Foxconn Technology has revealed that it will invest $5 billion (roughly Rs 32,000 crore) in Maharashtra in the next five years once the state government agrees to the proposal and allots them 1500 acre land to set up a plant
Not only Foxconn but also many other prestigious foreign based firms like Quanta Computer and Xiaomi are planning to set up manufacturing units of electronic goods in the country.
The Indian mobile industry players like Samsung, Micromax and Spice assembles their handsets in India while on the other hand firms like HTC, Asus and Gionee have also taken interest in setting up their base in India.