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Earlier this year, the Indian government announced financial incentives for companies that produce IT hardware, highlighting its desire to expand domestic manufacturing and develop it into a worldwide manufacturing hub. While people here are inclined to set up operations and manufacturing units in India, government and foreign companies wish to do the same.
Here are seven IT vendors who are planning to invest in India.
Apple: Reportedly, three of Apple Inc.'s top contract manufacturers plan to invest over $900 million in India over the next five years to take advantage of a new production-linked incentive plan. According to reports, under the PLI plan, Foxconn has applied to invest over 4,000 crores ($542 million), while Wistron and Pegatron have agreed to invest approximately 1300 crore and 1200 crore, respectively.
Amazon: India is on track to become a vital role in the global electronics and IT products supply chain. Amazon, the world's largest e-commerce company, announced its first production line in India on Tuesday to produce its Fire TV Stick products in the nation. It will collaborate with contract manufacturer Cloud Network Technology, a Foxconn affiliate, and production will begin in Chennai later this year. They pledged to invest $1 billion to digitize 10 million small and medium businesses. They aim at helping Indian companies to sell worldwide, thereby enabling $10 billion in cumulative exports and create an additional 1million jobs by 2025.
Samsung: Samsung, the South Korean electronics giant, will invest Rs. 4,825 crores in Uttar Pradesh to relocate its mobile and IT display manufacturing business from China to India. According to reports, the Samsung plant will be the company's first high-tech endeavour. The facility will be the world's third of its kind. Apart from indirect employment, the Noida plant is planned to produce direct jobs for 510 individuals. In Noida, the company already has a mobile manufacturing facility.
Lava: With the support of the Indian government's production linked incentives (PLI) scheme, Lava International plans to relocate its export products from China to India within six months. In 2021, the company plans to invest Rs. 800 crores in its smartphone business, with most of the funds going toward research & development, production, and growing its worldwide presence. Lava's production operations in China are contracted out. The phone maker claims to have the infrastructure to handle all local and export demands from India. Lava International just received authorization to restart operations in Noida at 20% capacity.
Microsoft: Microsoft has partnered with Invest India, India's national investment promotion and facilitation organization, to promote tech entrepreneurs in the country. Microsoft for Startups will collaborate with the Government's Accelerating Growth for New India's Innovations (AGNIi Mission), an initiative of the Office of the Principal Scientific Adviser to the Government of India that assists startups in becoming business-ready. The firm has onboarded 11 startups for the Microsoft for Startups program.
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Lenovo: Lenovo has announced that it is expanding its local manufacturing capabilities considerably. Lenovo said it is increasing in India across all business lines, including PC and smart devices, smartphones, infrastructure solutions, especially in the newly founded services and solutions group. Still, without disclosing the amount of money, it is investing. Lenovo has added a third manufacturing line to its in-house PC manufacturing factory in Puducherry. It has begun local manufacturing of its tablet PCs in Tirupati, Andhra Pradesh, in conjunction with Wingtech Technology.
Google: Google's parent company Alphabet Inc has stated that it will invest $10 billion (£7.93 billion) in India over five to seven years. The cash will be used to promote digital literacy among Indian residents, overcome language barriers, develop new products for the Indian market, empower local entrepreneurs, and utilize artificial intelligence to better society. India has more than 500 million active internet users, making it the country's most significant potential growth market for Google.
By Aditri Priya