Samsung is planning to move its production to India due to the cost-effective production line in the country. The Korean tech giant has already announced its plans to the Indian Government under Production Linked Incentives to launch phones worth $40 billion in the next five years. However, the devices with a price above $200 will be exported with the ‘Made in India’ tag. Samsung’s Production Hub in India will Support Made in India Initiative.
On the other hand, Vietnam is a hub of Samsung where all the production takes place, and this production unit of the company is the second-largest exporter of Smartphones after its factory in China. Previously Samsung has opened its largest smartphone factory in Noida as well; however time will tell where the India production line will stand.
Samsung’s Production Hub in India will Support Made in India Initiative
The Made in India Initiative was launched in 2014 to encourage multinational companies to build their products in the country with a goal of attracting capital and IT investments in India. India is promoting local mobile manufacturing and one of the biggest mobile manufacturer, Samsung having their production hub in India will be extremely beneficial for the country’s economy as it will not only introduce jobs for the youngsters but the country will also collect a big amount from the tech giant.
With these two different sides of stories having the same meeting ends, it seems that the government is very serious and is actively securing the future of the country. According to Made in India initiative, the government was expected to produce mobile devices worth Rs. 11 Lack crore in India during the next five years. Moreover, India has opened the world’s largest mobile factory in Uttar Pardesh, having an annual handset production capacity of 12 crore units.
The deal is still not disclosed to the media, so we will have to wait longer to know about it. Let’s wait and watch.