42 businesses, including Nokia, Samsung, and Tejas Networks, have received approval from The Department of Telecom (DoT) to get benefits under the design-led production-linked incentive (PLI) plan for producing telecom and networking products.
The most recent list also contains 28 micro, small, and medium-sized businesses in addition to Flextronics, VVDN, Jabil, and HFCL.
The programme is essential to bolstering the value chain of several 5G equipment verticals. India primarily relies on imports for these.
According to the DoT, the corporations have pledged a total investment of Rs. 4,115 crore (US$ 497.17 million). It continued by saying that during the course of the scheme, extra sales of Rs. 2.45 trillion (US$ 29.6 billion) and the creation of more than 44,000 jobs are anticipated.
In addition to the current incentives for items that are created and manufactured in India, the scheme offers an extra incentive of 1%.
The government announced on Monday that the most recent list of applicants for the PLI included 17 companies.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.