Incentive Scheme For Wearables, Hearables, IoT Devices And Drones Is On Its Way In 2021: Report

0
2203
Image for representational purpose only
  • Ministry of Electronics and IT (MeitY) is in the process of drawing out out an incentive scheme for manufacturing such devices
  • The sops will be in line with the Production Linked Incentive (PLI) scheme launched for mobile phones and components last year
Image for representational purpose only

As per a report by the Economic Times, the government is planning a big push for the domestic manufacture of new technology devices that includes wearables (smartwatches/ fitness trackers), hearables (in-ear wireless hearing devices), drones, virtual/augmented reality and Internet of Things products in India this year. It added that the Ministry of Electronics and IT (MeitY) is in the process of drawing out out an incentive scheme for manufacturing such devices. It expects to launch it in the upcoming months.

The report added that the sops will be in line with the Production Linked Incentive (PLI) scheme launched for mobile phones and components last year. It is aimed at capturing the huge, anticipated demand for wearable, hearables as well as IoT and VR devices added the report.

Targeted at capturing that demand and enabling their manufacturing in India

As per the report, an official aware of the development said that these devices are becoming quite popular, so the incentive scheme will be targeted at capturing that demand and enabling their manufacturing in India. Most of these devices are currently imported. The official added that there is a demand for 2-3 billion IoT devices currently, and it is expected to increase to 5 billion over the next two-three years.

ET had reported earlier that the government is close to unveiling sops worth Rs 7,300 crore for laptops, servers and tablets in the next few weeks. It is also in the process of calling manufacturers to take advantage of the PLI scheme once more. It has also invited applications for semiconductor fabs.

The report said that the official said that they are telling companies to look at the potential of India five years from now and the government is ready to not only offer incentives but also aggregate the demand for the players–be it for the smart cities, IoT devices, industry 4.0, smart metering etc. The official added that the current manufacturing push will create a huge base in the country over the next five years.

LEAVE A REPLY

Please enter your comment!
Please enter your name here