New Delhi, Aug 31 (IANS): The PLI 2.0 for IT hardware has garnered applications from 40 companies including global and domestic, marking a significant milestone in the country's journey towards becoming a global hub for IT hardware manufacturing and exports, the India Cellular and Electronics Association (ICEA) said on Thursday.
The overwhelming response to the production-linked incentive (PLI) 2.0 for IT hardware is a testament to the global industry’s confidence in India’s manufacturing capabilities and the government’s commitment to fostering a conducive ecosystem, said the industry body.
“This is not just ‘Make in India’ but ‘Make in India for the World.’ It's about becoming globally competitive, especially when it comes to increasing exports,” said Pankaj Mohindroo, Chairman, ICEA.
“The days when our nation could not convince the global industry about its competitiveness and Ease of Doing Business (EODB) are coming to an end,” he added.
Union IT Minister Ashwini Vaishnaw said on Wednesday that 32 companies like HP, Dell, Lenovo, Foxconn, Acer, and Thomson, among others, have applied under the PLI 2.0 scheme for IT hardware.
The expected incremental production under the scheme is around Rs 3.35 lakh crore, according to the minister.
Several domestic companies such as Dixon Technologies, VVDN, and Netweb are among the applicants under the 2.0 scheme for IT hardware.
According to the ICEA, the IT hardware industry is projected to reach a production value of $25 billion by 2026-27, with exports anticipated to be approximately $13 billion.
The PLI scheme with an outlay of about Rs 22,890 crore, is expected to generate an incremental production of Rs 4,70,000 crore with incremental investment of over Rs 5,000 crore, the top industry body noted.
It is also projected to create 75,000 direct jobs and over 2,00,000 indirect jobs, thereby significantly boosting employment opportunities in the sector.
“The IT hardware vertical is the second largest in electronics after smartphones, and a strong presence in this segment is essential for India’s growth,” said Mohindroo.
The PLI 2.0 for IT Hardware aligns with the government’s vision of achieving $300 billion worth of electronics manufacturing by 2025-26, with $120 billion expected to come from exports.