India unveils 5-year ₹62,500 cr MPMS to strengthen domestic brands
Business
India just announced a massive ₹62,500 crore push to make more mobile phones at home.
The new Mobile Phone Manufacturing Scheme (MPMS) will run for five years and aims to give Indian brands a real boost.
Manufacturers can get incentives between 2.25% and 5%, according to Union Electronics and IT Minister Ashwini Vaishnaw.
MPMS builds on successful Mobile PLI
This new scheme picks up where the first Mobile PLI left off, which actually outperformed its goals with investments being nearly triple the target and exports being way above expectations.
With MPMS, the government hopes to see even more Indian-made phones on shelves (and in your hands), plus stronger local brands and more use of homegrown parts from FY27 to FY31.