New Delhi, August 1: Union Minister for Electronics and Information Technology and Communications Ravi Shankar Prasad on Saturday said that around 22 companies have applied to set up mobile phone and components manufacturing units in India worth Rs 11.5 lakh crores in the coming 5 years. The companies will set up their manufacturing units under the Production-Linked Incentive Scheme.

Informing about the update, RS Prasad said, as quoted by news agency ANI, "Under the Production-Linked Incentive Scheme, around 22 companies have applied. These companies will produce mobile phone and components in India worth Rs 11.5 lakh crores in the coming 5 yrs out of which products worth Rs 7 lakh crores will be exported." China Among Worst Hit Countries After India Imposes Restrictions on Import of Colour Television Sets.

The Union Minister said that these companies will generate three lakh direct while close to nine lakh indirect jobs. Adding more, he said that the benchmark for international companies was to manufacture mobile phones of worth Rs 15,000 or more.

Without disclosing the names of the firms, the Union Minister said that the Production-Linked Incentive Scheme is not against India. He mentioned that the government has set proper rules and regulations with regard to the nation's security, bordering countries and all those compliances are important for the firm to follow.

Here's what RS Prasad said:

It is to be known that the applications for setting up mobile phone manufacturing units arrived days after the Directorate General of Foreign Trade (DGFT) imposed restrictions on imports of colour televisions from China, Vietnam, Malaysia, Hong Kong and Korea.

(The above story first appeared on LatestLY on Aug 01, 2020 02:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website