New Delhi: The government has granted approval to 42 companies, including 28 MSMEs, under the Production Linked Incentive (PLI) scheme for telecom and networking products, entailing total committed investment of Rs 4,115 crore by the firms, according to an official statement.
Of this, 17 companies have applied for additional incentive of 1 per cent under the design-led manufacturing criteria. "Ministry of Communications granted approval to 42 companies including 28 MSMEs under PLI Scheme for Telecom and Networking Products. Out of which 17 companies have applied for additional incentive of 1 per cent under design-led manufacturing criteria," the release said.
These 42 companies have committed investment of Rs 4,115 crore. This is expected to generate additional sales of Rs 2.45 lakh crore and create additional employment of more than 44,000 over the scheme period. The list of approved applicants include Flextronics Technologies (India), Samsung India Electronics, Nokia Solutions and Networks India, Jabil Circuit India, Dixon Electro Appliances, HFCL Limited, ITI Limited, Tejas Networks, Rising Stars Hi-Tech, among others.
"The enthusiastic response from domestic and global manufacturers to the concrete steps taken by Government to encourage manufacturing in telecom equipment indicates strong confidence in initiatives of the Government," the release added. India is poised to emerge as a design and manufacturing hub for telecom and networking equipment, it pointed out.
Meanwhile, HFCL in a separate BSE filing said it has received an approval from the Small Industries Development Bank of India (SIDBI), Project Management Agency (PMA) and competent authority appointed under the PLI scheme, for availing "incentives under the PLI scheme up to Rs 652.79 crore, on production and sales of telecom and networking products, spread over a period of five years, during financial year 2022-23 to 2026-27".
"The PLI Scheme is aimed at making India a global manufacturing hub for telecom and networking products and is also expected to boost export of telecom and networking products under the 'Make in India' initiative," HFCL added. (PTI)
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