India unveils ₹62,500cr plan to boost homegrown smartphone makers
Business
India's government has announced a huge ₹62,500 crore plan to help homegrown smartphone makers level up.
Over the next five years, Indian brands will get extra incentives, like a 3% bonus on sales, to close the gap with big global competitors (especially those from China).
The focus this time is on design, R&D, and using more local parts instead of just assembling phones.
Government plan seeks world-class brands
The aim is to help Indian companies move beyond assembly and actually build their own world-class brands.
The government hopes this push will turn four to five Indian firms into major players and make India known for innovation, not just manufacturing.
If all goes well, expect more made in India phones hitting shelves worldwide soon.