According to Apex Avalon Consultancy, various leading international companies have started expanding production at their newly setup units in India following the launch of production-linked incentive (PLI) scheme for smartphones and other technology-driven sectors.
Taking que from this trend, the government is reportedly planning to introduce PLI for other sectors to boost domestic manufacturing of wearable devices such as smartwatches.
As per Apex Avalon Consultancy, such incentives would help India increase manufacturing’s share in the GDP from the current 17-18 per cent to 25 per cent in the coming years.
The PLI schemes will help India export electronic/IT goods worth Rs 2.45 trillion a year.
Meanwhile, the government is also reforming rules and regulations to have the final products meet the Asian standards which has been welcomed by global manufacturers working to keep up with the consumer demand in India as well as the growing opportunities for exports.