India’s Minister of Finance and Corporate Affairs Nirmala Sitharaman announced a push for the manufacturing of mobile phones, semiconductors, and electronics under the Union Budget for the financial year 2020-21, on Saturday, 1 February.
Details of the same haven’t been disclosed yet. However, this announcement is a good sign for companies looking to invest in India.
The finance minister added that 550 Wi-Fi facilities have been set up at many railways stations this year.
This announcement comes as India is becoming a strong manufacturing hub as some of the largest smartphone companies like Samsung and Apple have set up manufacturing facilities in the country.
In 2018, South Korean smartphone maker Samsung put its largest smartphone manufacturing facility, which is also the world’s largest, in Noida.
Apple is also manufacturing models like the iPhone SE and older iPhone 6 and 6 Plus models at the Foxconn plant in Chennai. It is also rumoured that it will soon start the manufacturing of the iPhone XR at the same facility.
Chinese smartphone companies like Xiaomi, Oppo, and Vivo have been pushing for the Make in India campaign and have shifted to assembling most of their smartphones in India. This not only brings the cost of the phone down but also makes the whole availability and distribution process faster.
With more smartphone companies set to enter the Indian market in the coming months, this announcement will make in-roads for more smartphones to invest in India.
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