Make in India program, an initiative by the BJP government has, in some manners, resulted in a remarkable development in the country.
To attract investors for investing in the manufacturing sector, the AtmanirbharBharat program has attracted Samsung.
Samsung is ready to invest ₹4,825 Crore for relocating their mobile and IT display production unit to Uttar Pradesh, which was previously set up in China.
The high technology and high technique project of South Korea based multinational company will be set up in Uttar Pradesh and would mark positive news for the country’s development too.
After the setup, India will be the third Nation to have the Samsung unit. Samsung has, in 2018, established their smartphone making facility in Noida, Uttar Pradesh, which was inaugurated by Mr. Narendra Modi.
After this investment, of relocation from China, the company’s investment has gained significance.
Samsung is responsible for manufacturing more than 70% of globally displayed products. It includes gadgets like televisions, mobile phones, tablets, watches, etc which were made in South Korea, Vietnam, and China.
Samsung has exported goods which were worth $2.7 billion out of Uttar Pradesh and has aimed for exporting $50 Billion worth of goods in the next five years.
The Noida unit will be expected for generating direct employment rather than indirect for 510 people.
Apple partners Foxconn, Wistron, and Pegatron received approval from the Indian government under the PLI scheme and the announcement was later made by Samsung regarding the same.
Low-cost mobile phones, with the costing/amounting of ₹15,000 will be generated and the companies have received incentives for the produce. Under the scheme handsets worth $40 billion or more have been planned.
Samsung is planning to bring in more initiatives in the manufacturing of their products to make the company an electronics manufacturing and exports hub.
The production of Samsung TVs will start in December 2020 in Chennai, told the South Korean giant to the government.
Samsung has received an immunity of stamp duty in the transfer of land as per the “UP Electronics Manufacturing Policy 2017” and the government will make the financial provisions for the project, of ₹250 crores during the term of 5 years.