India approved $6.65 billion in government incentives under India’s federal plan to 16 companies including Apple and Samsung to locally produce smartphones and other electronics components worth more than $143 billion over the next five years.
According to the Indian Ministry of Electronics and Information Technology (MeitY), New Delhi’s move is aimed at significantly improving India’s manufacturing and exporting capacities and generating more local jobs. Around 60% of the locally produced products will be exported. In return, India will offer these companies an incentive of 4% to 6% on additional sales of goods produced locally over five years, with 2019-2020 set as the base year.