Micromax to invest ₹500 crore in local manufacturing in India
August 14, 2020
Home-bred handset maker Micromax plans to invest ₹500 crores on expanding local manufacturing and studies and improvement (R&D) operations because it plots a comeback in India’s phone market, sponsored with the aid of the government’s production-connected incentive (PLI) scheme.
Speaking to ET, co-founder Rahul Sharma stated that the government’s incentives will help the home-bred handset maker compete correctly with Chinese opponents who dominate the market now with over 70% proportion.
Micromax, which at its top in 2014 rose to No. 2 in smartphones, has almost been wiped out of the market with the aid of the Chinese onslaught, which commenced to take shape in 2016.
Sharma stated, “The new PLI scheme balances out overseas and Indian gamers. The assist of 6% is a massive help. With the authorities assist, we will be capable of fight Chinese brands fiercely at the pricing front”.