Saturday, 20 July 2024
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The Center will give Rs 400 Cr in telecom equipment reimbursement

  • DoT is expected to award incentives totaling Rs 400 crore to 20 companies in the current fiscal year.
  • All 20 businesses that were part of the PLI program for producing telecom goods have reached their goals.
  • For various product types and categories, it provides incentives ranging from 4 to 7%.

The Economic Times (ET) said on Thursday that the Department of Telecommunications (DoT) is expected to award incentives totaling Rs 400 crore to 20 companies in the current fiscal year. HFCL, Jabil, Nokia, and VVDN are among the businesses on the list that stand to gain.

The report claims that all 20 businesses that were part of the production-linked incentive (PLI) program for producing telecom goods have reached their goals. For the first time, a lot of businesses will be receiving incentives.

PLI scheme

Thirty-one companies were approved to participate in the manufacturing of networking and telecom products under the scheme, which was announced in February 2021.

For various product types and categories, it provides incentives ranging from 4 to 7%. For micro, small, and medium-sized businesses, the incentive is one percent higher (MSMEs). Later, businesses that support design-led manufacturing received an extra 1% incentive. For the scheme, a total of Rs 12,195 crore was set aside.

Following the Covid-19 pandemic, the program was updated, and the department approved participation for 42 companies. There were 28 MSMEs in it. Of the 42 businesses, 17 produced goods using a design-led approach.

More than 42 businesses have committed to investing Rs 4,115 crore during the program’s duration, producing an extra Rs 2.45 trillion in sales, and providing jobs for more than 44,000 people. The quantity of applications shows how interested business is in turning India into a global center for the manufacture of networking and telecom equipment, according to the Ministry of Communications.

The businesses on the list were Tejas Networks, Panache Digilife, Vihaan Networks, HFCL, ITI, Netlink ICT, and Netweb Technologies.

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