India Mobile Manufacturing

Nomura pointed out that India is strategically positioned to capitalise on these changes, especially as the US looks to adjust its approach to trade with India, particularly in electronics

Merchandise imports in the same month rose 7.7 per cent year-on-year to $61.91 billion - widening the trade deficit to $23.78 billion

It suggested that a PLI 2.0 for mobile phones should be modelled on the revamped PLI for IT hardware so that incentives are linked to value addition to avoid the failures of the first scheme

Rather than solely focusing on boosting exports, India should aim to become a global supplier of key components

This comes just a day before the Centre is scheduled to announce its Interim Budget 2024 in Parliament

A decision on the cuts will be taken by the finance ministry when it finalises the budget, the two people said

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The decline in input costs is also expected to help manufacturers increase their profit margins

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16 schemes from equal numbers of companies have been approved to boost local production, value addition and, consequently, export of mobile phones.

However, auto parts makers welcome it as a step that will help localisation

PLI schemes have already set off the expected lobbying

Telecommunications and IT Minister Ravi Shankar Prasad said the government was looking to make India a hub of other electronic products

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According to the estimates of India Cellular and Electronics Association (ICEA), mobile phone companies will increase devices production in the country to around Rs 27.5 trillion

"Foreign companies that have submitted proposals for the scheme include Samsung, Foxconn Hon Hai, Rising Star, Wistron and Pegatron," the source said

Sources said this could be the beginning of a new era for Apple, which is preparing to begin manufacturing its newly launched iPhone SE (2nd Generation) of handsets in India

The move is a costly one as the world's second-largest smartphone market imposes steep tariffs on imports of devices and components

Nearly 198 countries import mobile phones, and till recently, only two countries -- China and Vietnam -- were among the exporters.