Learn bits
World Affairs, Economy
Pradeep Kumar

15/04/21 11:45 AM IST

Source: The Hindu

India can be hardware manufacturing hub

In news

There is an opportunity for India to become a hardware manufacturing location as the world’s technology majors have been moving their supply chains out of China over the past 18 months.

Reason
  • The coronavirus pandemic exposed the downside of sourcing much of global manufacturing in one country. 
  • The global shutdown put the spotlight on China, the country first affected by the coronavirus and where the great bulk of the world’s goods are manufactured. China accounts for a whopping 35 percent of global manufacturing output, according to consulting and research firm McKinsey Global Institute. 
Highlights
  • The companies are planning to diversify supply chains amid the ongoing coronavirus pandemic and US-China trade war.
  • So far, India has lagged behind countries such as Vietnam, Cambodia, Myanmar, Bangladesh and Thailand in enticing these companies to set up plants in the country.
  • However, the Indian government expects that the PLI could lead to production of $153 billion of manufactured goods and generation of nearly 1 million direct and indirect jobs.
  • The government had announced a production linked incentive scheme (PLI) for large scale electronics manufacturing to boost domestic manufacturing and attract large investments in mobile phone manufacturing and specified electronic components.
  • According to recent reports, Apple has plans to expand manufacturing in India.
  • Its supplier Foxconn is also planning to invest up to $1 billion in India.  
Source: The Hindu

More Related Current Affairs View All

05 Mar

First-ever comprehensive survey of India’s river dolphins

'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

Read More

05 Mar

Arresting women at night

'The Madurai Bench of the Madras High Court in Deepa versus S. Vijayalakshmi and Others ruled that the legal provision in the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, which

Read More

05 Mar

Digital Personal Data Protection Act, 2023

'The Ministry of Electronics and Information Technology (MeitY) looking to wrap up public consultations on the draft Rules for the Digital Personal Data Protection Act, 2023 by Mar

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps