India is dropping a few crucial clauses in its PLI scheme including the evaluation of plant and machinery to be brought from China and South Korea. It paves the way for Apple, Samsung, OPPO, Vivo to increase local production.
The federal government in India has tweaked its production-linked incentive (PLI) scheme to enable manufacturers to shift to India in a big way. The move is expected to pave the way for Apple, Samsung, Foxconn, Oppo, and Vivo, to play a larger role in local production.
According to a news report in The Economic Times, “the empowered committee of secretaries met on Friday and decided to remove the clause, which evaluated plant and machinery brought into India at 40 per cent of its value, and has agreed to a few other changes so that manufacturing could shift to India in a big way”.
Other amendments to PLI rules include lowering the excessive amount of business information the government previously required beneficiaries to share and clauses permitting the Empowered Committee to unilaterally change investor rules.
