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Monday, July 15, 2024

Gear sales surpass Rs 50,000 cr, 17,000 jobs in 3 years

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In Short:

The Ministry of Communications announced that the sales of telecom equipment under the PLI scheme have surpassed Rs 50,000 crore, creating over 17,800 direct jobs within three years. The scheme has attracted an investment of Rs 3,400 crore, with exports totaling around Rs 10,500 crore. By encouraging local production, it has reduced reliance on imported equipment by 60%. India has become nearly self-reliant in certain telecom products and has seen a significant decrease in the trade deficit in the sector over the past five years.

Telecom Equipment Sales under PLI Scheme Cross Rs 50,000 Crore Mark

The Ministry of Communications announced on Wednesday that the sales of telecom equipment by production-linked incentive (PLI) scheme beneficiaries have surpassed Rs 50,000 crore. This initiative has also led to the creation of over 17,800 direct jobs and numerous indirect job opportunities in the industry over the span of three years.

Key Points:

  • Investment of Rs 3,400 crore attracted under the telecom PLI scheme
  • Telecom equipment production exceeds Rs 50,000 crore
  • Exports amounting to approximately Rs 10,500 crore
  • Creation of more than 17,800 direct jobs

The ministry highlighted that the sales of telecom and networking products by PLI beneficiary companies in FY 2023-24 surged by 370% compared to the base year of FY 2019-20. By promoting local production, the PLI scheme has notably reduced the country’s dependence on imported telecom equipment, achieving import substitution of 60%.

India has made significant progress towards self-reliance in antennae, gigabit passive optical network (GPON), and consumer premises equipment (CPE).

Furthermore, companies have been permitted to avail benefits for producing 5G equipment, with the 5G telecom equipment manufactured in India being exported to North America and Europe.

The ministry mentioned that the PLI scheme for Large Scale Electronic Manufacturing of Electronics has resulted in a substantial increase in the production and export of mobile phones from India. From being a large importer of mobile phones in 2014-15, India now exports a significant number of mobile phones to various countries.

Over the last five years, there has been a significant reduction in the trade deficit in the telecom sector, demonstrating the success of the PLI schemes in making Indian manufacturers globally competitive.

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