Intellectuals may have their tummies burn to hear that the “Make in India” initiative launched by the PM Modi Government, has helped the country save a whopping Rs 3 trillion by replacing imports of Completely-built units (CBU) with locally manufactured and assembled handsets, said a new report.
In 2017-18, over 225 million handsets were assembled/ manufactured in India which was approximately 80% of the total market requirements, according to the India Cellular and Electronics Association (ICEA) report.
According to the report, “the net foreign exchange savings are estimated to be over Rs 600 billion. While CBU imports have come down drastically, import of sub-assemblies and components though has gone up. ‘Make in India’ and ‘Digital India’ initiatives by the Central Government are “acting as gateways to spur the growth of India’s tech and telecom industry”.
In the past four years of the PM Modi Governance, India’s mobile handset and components manufacturing industry has enabled the establishment of over 120 new manufacturing units, generating employment for over 450,000 people of India, the report added.
The research projects that in 2018-19, mobile handset manufacturing is expected to create a value of Rs. 1.65 trillion from 290 million units. Isn’t that an amazing number in terms of a nation moving towards development? Without second thoughts it is. These two major initiatives was started by our PM with a far fetched dream for India, it seems to be turning into reality now.
A handful of them in the nation had opposed these initiatives by the PM, blamed him of Zero progress, accused him of not generating employment. Turning all these accusations as false PM Modi has stood unbeatable in his vision for India. Anyway, people unable to swallow development will carry on with criticisms.
“The mobile handsets and component manufacturing ecosystem has emerged as the champion category under the ‘Make in India’ initiative of the government,” said Pankaj Mohindroo, ICEA Chairman and National President.
“Mobile phone imports will trickle down to insignificant levels of around 5-7% of the market (less than Rs. 1000 crore/month) by the end of 2018 financial year,” Mohindroo added that India is moving towards almost zero imports for mobile phones in the coming years.
Source: Economic Times