New Delhi, Jan 5 (KNN) Smartphone manufacturer Bhagwati Products has become the first Indian company to achieve disbursement under the PLI Scheme for IT hardware.

It has bagged a disbursement of Rs 5.30 crore and succeeds incremental sales and investment threshold under the PLI Scheme.

The Indian consumer electronics and smartphone manufacturer has qualified incremental sales thresholds and investment criteria as per the requirements of the scheme.

Bhagwati Products Ltd. was amongst the approved domestic companies under the existing PLI schemes for smartphones, IT hardware (Tablets & Laptops) and air-conditioner components.

The company has already invested heavily in expanding the manufacturing facility and adding more SMT Lines to cater to the growing demand both from domestic & international brands.

On the occasion, Rajesh Agarwal - Director, Bhagwati Products Ltd. said, “We are honoured and grateful to the Government of India for recognizing our efforts. We are amongst the very first Indian manufacturers in the sector and being the first to achieve this incentive under the PLI scheme is a key milestone in our journey.”

Thanking their customers and local authorities, he said, “It is indeed a huge recognition and support for us and we are committed to building the best-in-class component ecosystem in the country, with a focus on making investments and creating jobs in the country. With this, we not only aim to boost the domestic market but also aim to take Indian manufacturing on the global map.”

Bhagwati Product Ltd.’s current capacity across factories stands at almost 2 million smartphones a month, and 1 million LED TVs per month.  (KNN Bureau)