Gionee to Still Stick to Make in India Project Despite Demonetization

Make in India is still on.

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As cited on BGR, Gionee, the Chinese smartphone maker has said that it is still looking forward to manufacturing smartphones in India under the Make in India initiative despite the aftereffects of 'Demonetization’.  

Gionee to Still Stick to Make in India Project Despite Demonetization

Arvind Vohra, CEO and Country Head, Gionee had said that “Yes, of course, we are committed to Make in India and planning to set up a manufacturing unit spread across 50 acres in Faridabad at a cost of Rs. 500 crore.”

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“The capacity of the unit will be 30 million units and it should be operational in around two years. With demonetization, the market had undoubtedly slowed down but is getting back on track with the cash crunch situation easing. Sales declined 20% in the first two to three days, but with partial recovery, now the decline is 8-10%,” he added.

Also Read: Smartphones Launched by Apple This Year

Also, shedding some light on its long-term goals, Gionee has said that in addition to catering the growing demand in India, it also plans to act as a hub for exporting products to markets such as Africa and South East Asia. 

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