Nearly Rs. 1 lakh crore worth of mobile phones are likely to be assembled in India by the end of this fiscal, said IT minister Ravi Shankar Prasad.
"India will be producing mobile phones worth Rs 97,000 crore this fiscal, a quantum jump when compared to the Rs 18,900 crore achieved in 2014 15," IT minister Ravi Shankar Prasad told TOI.
Prasad said that nearly 40 new factories have come up in the country during this period, and these have been joined by nearly three-dozen top ancillary makers. "If you look at the output, India is expected to locally-produce nearly 200 million devices this fiscal against 60 million units two years back."
As the Government gives 12 per cent incentive to companies on imported product, many companies are setting up their assembling unit in the country. Chinese firms like Huawei, Lenovo Motorola, Xiaomi and Gionee and homegrown brands such as Intex, Lava, Karbonn and Micromax have been assembling products in the country.
For enhancing electronic manufacturing government has also set up dedicated Electronic Manufacturing Clusters (EMC) in different parts in the country.
India is one of the fastest growing smartphone markets globally. During the second quarter of 2016-17, smartphone market in developed countries grew at 4.3 per cent, while that in developing markets (other than India) was up 9.9 per cent. The Indian smartphone market grew 15 per cent.
The Indian smartphone market grew significantly. Helped by various government schemes to promote local manufacturing, many handset makers have started their production in India.