Job loss, lack of new opportunities, rising job inequalities are a few among the many distressers during the COVID-19 crisis. Assuming that the situation would be the same for at least a few months post this crisis, is a no brainer.
In the backdrop of such a stressful and uncertain future, the smartphone industry, backed by the government, has given a ray of hope to the youth.
The India Cellular and Electronics Association (ICEA) has said that the smartphone industry is on the verge of “explosive growth” and is all set to add 50,000 direct jobs by the end of December, despite the pandemic.
So, what has led to massive growth in this industry?
Production-Linked Incentive Scheme (PLI)
On April 1, 2020, the Ministry of Electronics and Information Technology (MeiTY) announced the production-linked incentive scheme under which, 4-6 percent incentive would be given to electronic companies that manufacture mobile phones and other electronic components.
Under this scheme, the companies manufacturing mobile phones with a selling price of Rs. 15,000 or higher, would get an incentive of up to 6 percent on the incremental sales of all such mobile phones manufactured in India.
According to the officials, this scheme is a big step forward towards Atma Nirbhar Bharat and in the backdrop, it intends to bring a huge flux of foreign investment in the nation.
Many smartphone companies have shown keen interest in this scheme and have considered setting up new manufacturing units or expanding the existing ones to avail the benefits under this scheme.
Foxconn, Wistron, Samsung, Lava and Dixon are a few brand names who are expected to go into hiring mode very soon.
Other than the PLI scheme, in a report titled “Mobile manufacturing in a post-COVID-19 world”, ICEA mentioned that the smartphone industry has witnessed 1,100% growth during the 2014-19 period and the industry would continue to be a pivotal source of jobs after the economy reopens.
This announcement has come as a breather to the distressed economy, where nearly five million salaried people have lost their jobs in July, according to the data released by the Centre for Monitoring Indian Economy (CMIE).
Hopefully, the industry will succeed in enhancing the manufacturing base in India and create new job opportunities.
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