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In FY2020/21, the Indian government initiated the $26 billion Production Linked Incentive (PLI) schemes to bolster manufacturing and reduce imports by attracting investments in key sectors.
These schemes are designed to reshape India’s export portfolio, emphasizing high-value products (e.g. electronics). Notably, major smartphone companies are relocating their suppliers to India due to the PLI scheme, resulting in $44 billion worth of smartphones produced in FY22/23, including $11 billion in exports.
India is emerging as a compelling alternative for supply chains, particularly in light of geopolitical concerns surrounding China. The country’s appeal lies in its substantial, well-educated population, political stability, competitive labor costs, and supportive government policies, all of which make it an attractive destination for manufacturing.
