Indian Government Plans to Offer Subsidized Loans to Entice Apple Suppliers

Posted by on Jan 15, 2022 in iPhone News

The Government of India is planning to offer subsidized loans to suppliers of Apple and Samsung, which would entice them to open up manufacturing facilities in the land.

According to a new report from Bloomberg, the Indian regime is trying to woo handset component suppliers and smartphone manufacturers past offer them subsidies on loan involvement rates. The government hopes that suppliers would open more factories in the country, which would create jobs and increase the state's exports. Republic of india hopes to see a 10x growth in mobile phone manufacturing past 2025.

The proposal by the Ministry of Electronics and Information technology could exist appear in the next upkeep session, which is scheduled to happen on February 1. The government also plans to offer industrial zones that have better customs clearance and revenue enhancement. Better roads, consequent power supply, and water supply are also said to be on the cards. The proposal has been forwarded to the finance ministry, but the final conclusion hasn't been taken yet.

Over the past few years, Apple had been in talks with the Indian government to seek subsidies so that it can start manufacturing more phones in the country. The iPhone maker plans to reduce its reliance on China equally trade tensions between China and the U.s.a. grow. The Cupertino-based business firm and its suppliers had invested $1 billion in India to increase the manufacturing of iPhones. The company is also planning to open Apple Stores in India.

Apple started manufacturing iPhones in Republic of india in 2022, and the models that are locally assembled include the iPhone XR. The visitor, whose suppliers in India include Foxconn and Wistron, is too rumored to start assembling the iPhone SE ii (also rumored to named iPhone 9) exclusively in the country. The Indian government hopes that Apple and Samsung phones assembled in India will be exported to Europe and the US.

[Via Bloomberg]