India is considering a plan to offer subsidized loans to mobile handset manufacturers in a bid to attract Apple Inc and Samsung Electronics Co’s suppliers to open factories in the nation, a government official said.
The proposals by the Indian Ministry of Electronics and Information Technology, which include offering interest subsidy on local borrowing by manufacturers, might form part of the federal budget to be unveiled on Feb. 1, the official said, asking not to be identified.
They also include setting up industrial zones equipped with taxation and customs clearance, along with infrastructure, such as roads, power and water supply, the official said.
India plans to make US$190 billion of mobile phones by 2025 from US$24 billion now, the official said.
Two calls made to the spokesman of the ministry remained unanswered.
Indian Prime Minister Narendra Modi’s government, which is under pressure to bring down a jobless rate that is the highest in 45 years, wants to attract overseas component makers and help boost the share of manufacturing in Asia’s third-largest economy to a quarter of the nation’s GDP.
Modi’s flagship “Make in India” program has been foundering, as poor road and port facilities deter investors.
There has been some success. Hon Hai Precision Industry Co (鴻海精密), known internationally as Foxconn Technology Group (富士康科技集團), the largest assembler of Apple handsets, is ramping up manufacturing of iPhones in India.
It already has two factories in the southern Indian states of Andhra Pradesh and Tamil Nadu, where it makes devices for Xiaomi Corp (小米) and Nokia Oyj.
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