- Samsung has been the only one to not only meet the targets, but surpass them by producing an additional Rs 500- 1,000 crore worth of goods
- Companies have urged the government to roll over the targets
Samsung Electronics is the only company that surpassed the investment and output target set under the production-licked incentive (PLI) scheme for the handset and other manufacturing components this year, stated a report.
This could mean that other handset and component manufacturers like Foxconn, Wistron, Optiemus, Dixon, Lava, Bhagwati, UTL, Sahasra, AT&S and Neolync will not receive any incentive from the Rs 5,334 crore budget earmarked for this financial year. A final call on the matter, however, is yet to be taken.
A target of Rs 250 crore and incremental output of Rs 4,000 crore had to be met by each company, which consists of Foxconn’s two manufacturing units, Winstron, Pegatron and Samsung. Out of these, Samsung has been the only one to not only meet the targets, but surpass them by producing an additional Rs 500- 1,000 crore worth of goods.
According to the report, companies have urged the government to roll over the targets and merge them with those of net year’s, but the government is yet to make a solid decision.
The PLI scheme aimed to reduce dependency on Chinese products by boosting domestic production. Incentives would be received by 16 companies upon achieving the investment and production goals.