Samsung Will Make Smart Phones Worth Rs.3 Lakh Crore In India, After Shifting Plant From Vietnam – Insiderfolks, Global phone makers are increasingly interested in making smartphones in India.
A few weeks ago, we saw Apple looking to shift its manufacturing from China to India while also diversifying its production line-up, and Samsung is now next in line.
As per the global report, Samsung is looking to shift a large part of its smartphone production from Vietnam to India and other countries. The South Korean giant is working on a deal to make smartphones worth $40 billion (approximately Rs 3 lakh crores) in India.
A person familiar with this said in a conversation, “Samsung is likely to diversify its production lines to make smartphones to India under the PLI (Production Linked Incentive) scheme, and this will have an impact on its existing capabilities across countries like Vietnam.”
Vietnam is now the second-largest smartphone exporter in the world, after China. People familiar with the matter state that the current decision has been taken under the new PLI scheme. According to a senior government official, out of the $4 billion phones that will be made in India, over $200 factory-priced phones could be worth more than $25 billion, and most of the phones produced in this category will be exported.
This new move will allow India to refrain from having cheap imports from the ASIAN countries to India. And Samsung looks set by the look of it.
It also has the first mobile production facility in India, Noida, where it also sells smartphones from India to other parts of the world. In fact, last year, with anti-China tensions looming in India, Samsung became the # 2 firm in Asia. Samsung today accounts for 50 percent of phones in Vietnam, according to industry estimates. Manufacturing plants are also in operation in Indonesia and Brazil.
It had a large plant in China that it had decided to shut down last year. It is still also planning to wind down its plants in South Korea, where the cost of production is going through the roof.
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