Indian Smartphone Manufacturers Struggling To Meet Targets Under PLI Scheme For FY24: Report

New Delhi, Oct 10 (KNN) The Indian smartphone manufacturers have been struggling to meet their incremental targets under the government's production-linked incentive (PLI) scheme for the third consecutive year in FY24, according to a report by the Economic Times (ET).

It is becoming clear that while global manufacturing companies like Foxconn, Wistron, and Samsung have leveraged the PLI scheme for mobile phones and turned it into a grand success, local smartphone brands like Lava may need more time to establish themselves, the report cited an industry expert as saying.

As per the report, the Dixon Technologies is expected to be an exception among local manufacturers, as the company has secured large orders and signed new ones. However, the industry experts are not very optimistic about other local companies, as they are likely to miss the targets for the current financial year as well.

As local manufacturers struggle, global smartphone makers Foxconn (Hon Hai), Wistron, and Samsung have successfully met their targets and are likely to continue doing so this year. The third iPhone manufacturer in India, Pegatron, is also expected to meet the targets for FY24, reported ET citing industry experts.

On April 1, 2020, the Indian government had announced a production-linked incentive scheme to boost domestic manufacturing and attract large investments in mobile phone manufacturing and specified electronic components, including Assembly, Testing, Marking and Packaging (ATMP) units.

At present, Apple is leading domestic manufacturing and exports from India and is among the major beneficiaries of the scheme.  (KNN Bureau)