India proposes nearly $3 billion in subsidies for electronics makers like Apple
India’s Ministry of Electronics and IT has proposed giving component makers billions in aid in an effort to boost local manufacturing of devices like the iPhone.
India is once more hoping to incentivize smartphone manufacturers to continue to expand into the region. This time the plan includes 230 billion rupees, or about $2.7 billion, in new subsidies to offset production costs.
In addition to the subsidies, the ministry has also suggested that India reduce tariffs on certain electronic components, ultimately bringing down production costs, a source told Bloomberg. If approved, the details will likely be announced in the government’s upcoming budget in February.
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