India launches Rs 50,000 crore plan to boost electronics manufacturing

NEW DELHI: India launched Rs 50,000 crore ($6.65 billion) plan on Tuesday to boost electronics manufacturing, saying it would start by offering five global smartphone makers incentives to establish or expand domestic production.

The government is offering a production-linked incentive (PLI) involving cash worth 4% to 6% of additional sales of goods made locally over five years, with 2019-2020 as the base year, technology minister Ravi Shankar Prasad told a news conference.