India launches $2 billion drive to woo laptop makers like Apple


NEW DELHI: India is unveiling a 170 billion rupees ($2.1 billion) financial stimulus plan to lure makers of laptops, tablets and other hardware to the South Asian country as companies seek to expand their supply chains via China to diversify beyond.
Prime Minister Narendra Modi is using the early success of Apple Inc.’s local assembly plants – which have helped the US company produce about 7% of its global iPhone production – to position the country as a viable global manufacturing hub. New Delhi is looking to bring more tech production to India after China’s trade war with the US and its strict Covid guidelines have prompted companies to weigh other options.
Apple hasn’t started manufacturing iPads yet MacBook laptops in India, but new incentives could prompt the Cupertino, California-based company to consider such moves. Other manufacturers that could benefit from the new measures include Dell Technologies Inc, HP Inc and Asustek Computer Inc.
“India passed a huge milestone in mobile phones last year with exports worth US$11 billion,” India’s Technology Minister Ashwini Vaishnaw told a news conference on Wednesday. “We want to take this momentum with us.”
The plan provides companies with a 5% cashback on the factory prices of finished products. Sourcing components locally will help manufacturers achieve more financial benefits.
In 2021, India launched a Rs.73.5 billion program to boost local manufacturing and increase exports of IT products such as laptops, tablets and personal computers. However, this project was not able to attract any companies because the incentives were felt to be too small.
Chinese manufacturers like Lenovo Group Ltd may struggle to win stimulus amid frosty relations with India since a border dispute in the Himalayas in 2020.

Source link


Please enter your comment!
Please enter your name here

Share post:




More like this

India’s import of Russian oil scales new high in May

NEW DELHI: India's import of cheap products Russian...

India deserves to have non-stop flights to more overseas destinations: Air India CEO

NEW DELHI: Air India chief Campbell Wilson stressed...

379 infra projects show cost overruns of Rs 4.64 lakh crore in April

NEW DELHI: Up to 379 infrastructure projectseach requiring...