Telecom Companies To Invest Rs 3,300 Crore In India

31 domestic and global companies including Nokia India, HFCL, Foxconn, Akashastha Tech, Dixon Technologies, Flextronics, Coral Telecom, VVDN Technologies, and GS India, will invest over Rs 3,300 crore in India for four years under the PLI scheme. The scheme is expected to employ around 40,000 people in the industry.

The Department of Telecom approved the 31 proposals of the 31 companies, on Thursday. The main aim of the scheme is to manufacture telecom gear in India like routers, switches, and transmission equipment. It is expected to manufacture equipment worth Rs 2.44 lakh crore over the years.

According to a note released by the DoT, the scheme will boost research and development activities in India and the companies have committed to spend 15 per cent of their revenue on research.

The support by the government has been provided for a five-year period, starting from 2021-22 to 2025-26.