Apple’s Production Linked Incentive (PLI) scheme has created 100,000 jobs in India’s electronics sector, thanks to the efforts of the company’s vendors and component suppliers. The scheme began in August 2021 and has been instrumental in boosting local manufacturing in India, promoting economic growth and strengthening the country’s technology industry.
Vendors surpass job creation target
Foxconn Hon Hai, Pegatron, and Wistron, Apple’s major vendors in India, have played a significant role in creating these new jobs. According to reports, 60% of the new jobs were created by these vendors, and they have surpassed their second-year job creation target by providing 7,000 jobs. The vendors have established manufacturing facilities in India, which has helped it to increase its production in the country.
Apple to ship iPhone 15 models from India
With an increasing focus on local manufacturing, the company plans to ship its iPhone 15 models from India. This reflects the company’s commitment to expanding its production capacity in the country. The move is expected to provide a significant boost to the local economy and create more jobs in the electronics sector.
Apple CEO visits India
In another sign of its commitment to India, Apple CEO Tim Cook recently visited the country and inaugurated the company’s first store in Mumbai. The store, located in the city’s historic district, showcases its latest products and offers a range of services, including personalized support and training.
Cook’s visit highlights the importance of India as a key market for Apple. The country’s large and growing population, combined with its rapidly expanding middle class, make it a critical market for Apple’s products and services.
PLI scheme boosts local manufacturing
Apple’s PLI scheme has been instrumental in promoting local manufacturing in India. The scheme provides financial incentives to companies that manufacture certain electronic products in India. The incentives are based on the incremental sales of such products and are paid for a period of five years.
The scheme is designed to boost local manufacturing, create new jobs, and strengthen India’s technology industry. The government has set a target of $1 trillion for the country’s digital economy by 2025, and the PLI scheme is a key part of this plan.
Benefits for Apple and India
Apple’s investment in India is expected to provide significant benefits for both the company and the country. By increasing its production capacity in India, it can reduce its reliance on China, where most of its products are currently manufactured. This will help the company to mitigate the risks associated with the ongoing trade tensions between the US and China.
For India, it’s investment is expected to create new jobs and boost the local economy. The country has been striving to become a global hub for electronics manufacturing, and it’s investment is a significant step towards achieving this goal.
Read also: Apple opens first retail store in India
Apple‘s PLI scheme has created 100,000 jobs in India’s electronics sector, and the company’s vendors and component suppliers have played a critical role in this achievement. The scheme has been instrumental in promoting local manufacturing, boosting economic growth, and strengthening India’s technology industry. With plans to ship its iPhone 15 models from India, it’s commitment to the country is expected to grow in the coming years, providing significant benefits for both the company and the country.
