Electric car manufacturers, battery makers, clothing brands and food processing companies to benefit from local manufacturing push, say experts.
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The government’s decision to extend a production-linked incentive (PLI) scheme to the telecom equipment makers will benefit electric car manufacturers, battery makers, clothing brands and food processing companies, experts have said.
The plans to spend Rs 12,195 crore over five years for the plan that kicks in from April 1, 2021. The scheme aims to offset imports that are pegged at a high Rs 50,000 crore and boost the growth in micro, small and medium enterprises (MSMEs) by Made in India products.
“As a result of PLI scheme for telecom equipment, the government hopes to have incremental production of Rs 2,44,200 crore in the sector, exports worth Rs 1,95,360 crore, 40,000 new jobs, and Rs 17,000 crore worth of tax revenue in the coming five years,” telecom minister Ravi Shankar Prasad said while announcing the scheme on February 17.
Also Read: Government extends Rs 12,195 crore PLI scheme to telecom equipment sector to boost MSME growth
“The PLI scheme offers incentives equal to 4-6 percent of marginal revenue over the base year for locally produced electronic devices to push India to the top three smartphone manufacturers. Therefore, we believe electronics manufacturing, in particular mobile manufacturing companies, will benefit tremendously,” Ashis Biswas, Head of Research at CapitalVia Global Research Limited told Moneycontrol.
Around 62 percent of the second PLI investment of Rs 1.46 trillion would finance the development of cars, batteries and drugs over five years. Electric car and battery makers, food processing firms and clothing brands will benefit from the local manufacturing push.
In terms of stocks, he is positive on IPCA Lab, Amara Raja Batteries Ltd, Exide Industries, Minda Industries Ltd.
The eligibility for the scheme is subject to a business achieving a minimum threshold of cumulative incremental investment and incremental sales of manufactured goods net of taxes from 2019-20 on.
The scheme is expected to rake in foreign direct investment upwards of Rs 3,000 crore. It will cover core transmission equipment, Internet of Things (IoT) access devices, enterprise equipment such as switches and router, 4G/5G next-generation radio access network and wireless equipment, and access and customer premise equipment (CPE).
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