Indian Premier Narendra Modi’s $2.1 billion financial incentive plan — a bid to boost local production of technology hardware such as laptops, personal computers, tablets and servers — has received an overwhelming industry response, Tech Minister Ashwini Vaishnaw said Wednesday.
Some 32 companies, including units of homegrown contract manufacturers such as Optiemus Electronics Ltd. and Dixon Technologies India Ltd., had applied for the incentives before the application process closed at midnight on Aug. 30. Modi’s administration expects companies to make an incremental investment of 24.3 billion rupees and produce an additional output worth 3.35 trillion rupees under the six-year plan.
All of the applicants might not win the approvals for the financial stimulus. The smartphone incentives have shown that such programs usually work well with a few companies that can increase production rapidly, and win bigger cash returns.
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