Govt approves 31 investment proposals of Rs 3,345 crore

The Department of Telecom (DoT), on October 14, approved 31 proposals entailing an investment of Rs 3,345 crore over the next four-and-a-half years.

Global players approved by the DoT are Foxconn, Nokia India, Rising Star, Flextronics, Flex, Sabrina and Commscope.

Tejas, Dixon Technologies, VVDN Technologies, NeoLync, Syrma, Akashastha Technologies, ITI and HFCL Group are among the domestic companies who will now be eligible for the PLI scheme.

“The investment of Rs 3,345 crore in the next 4.5 years is just a beginning. Government is helping you (industry players) as a catalyst,” Minister of State for Communications Devusinh Chauhan said, as quoted by PTI.

The DoT notified the PLI scheme for telecom and networking products on February 24, 2021, with a financial outlay of Rs 12,195 crore, over the five years.

The scheme for telecom gear manufacturing in India is expected to encourage the production of equipment worth Rs 2.44 lakh crore and create direct and indirect employment for about 40,000 people.

The investors can earn an incentive for incremental sales up to 20 times the committed investment, enabling them to reach global scales and utilise their unused capacity and ramp up production.

“This is the first scheme among all PLI schemes, which includes MSMEs. Without this, we would have been handicapped,” Coral Telecom managing director Rajesh Tuli said. Moneycontrol