Thanks to mobile manufacturing companies, close to 1.65 lakh in India received a job.
According to data revealed by IT Minister Ravi Shankar Prasad, last one year saw investment from 37 mobile manufacturing companies, that further generated 40,000 direct jobs and 1.25 lakh indirect employment.
Prasad further revealed that 11 crore mobile phones were made in the country due to the progress in the manufacturing segment.
He said that government has provided Rs 10,000 crore under Electronics Development Fund to support new entrepreneurs in the field of electronics, as reported by the Press Trust of India.
Prasad was speaking after inaugurating the new incubation centre ‘Electropreneur Park’ in South Campus of Delhi University. The Park is funded by the government and will support incubation of up to 50 companies.
Ministry of Electronics and IT has selected six start-up firms that will develop products at the centre.
Popular Indian smartphone brands including Micromax, Intex, Lava and Karbonn have manufacturing plants within the country, reducing dependence on imports, specially from China.
On that note, even Chinese companies like Xiaomi and Gionee are producing handsets at the Foxconn’s factory in Andhra Pradesh. Foxconn in fact aims at manufacturing close to 2.5 million smartphone units a month.
According to a Morgan Stanley report, India is expected to overtake the US as the second largest smartphone market by 2017.
“We estimate a 23 per cent CAGR in units in India, compared with 5 percent over the same period in China. By 2018, we estimate 192 million smartphones will be shipped to India or 11 percent of global units,” the report said.
The global consultancy also noted that currently only 18 percent of the total population have access to smartphones.