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Ministry approves Wistron's Rs 5,000 cr plan to manufacture premium Apple phones in India
Wistron's Rs 5,000 crore for Apple receives approval from India Technology Ministry. All you need to know about the upcoming Apple's assembly plant in India.
Apple is one of the companies who is planning to open new assembly plants in India. Wistron will be the company behind the assembly lineup of Apple high-end devices. Now the information technology ministry has also approved the Rs 5,000 crore plan to make high-end Apple devices, according to ET report. This step will increase employment in India and as well as decrease the price of high-end Apple products in the country. Currently, Wistron is only making cheap Apple iPhone in its Bangalore plant.
"We have just approved Wistron's Rs 5,091-crore application and it is with the Cabinet now... Wistron will make the latest iPhone models," Economic Times quoted IT minister Ravi Shankar Prasad.
According to the ET report, Foxconn which is another contract manufacturer of Apple has also submitted an application for Rs 2,500 crore project on December 31.
"India is known for its software services-we want it to become a big hub for products," Prasad added. "The policy aims to create Indian Googles and Facebooks."
According to Ravi Shankar Prasad, India will get three advantages with this approval. First, the country will get a boom in the workforce, second English fluency and the third is skilled workers which are very important in the booming smartphone market.
The government of India introduced the Make in India back in September 2014. With this move, the government intended to promote more Indian goods which increase employment. In order to promote the Make in India campaign, the government has also increased the import duty on electronic products, which ultimately enforced multi-national companies to open more production lineup in India.
Let's see what else the government is going to promote Make in India and how it's going to affect us all.