PLI scheme: Wary of third wave, handset companies play it by ear on fresh hiring
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The PLI scheme for handsets was launched last October for five global companies, five domestic ones and six component makers with the aim to produce Rs 10.5 lakh crore worth of output and export 60% of it.
Agencies
Recruiters and handset makers remain cautious on hiring despite extension of productivity-linked incentive scheme timeline by a year to 2025-26 amid fears of a third wave of Covid-19 and as recruiting fully vaccinated employees becomes a challenge.
“We are cautiously optimistic that if there is no third wave and all adult population is vaccinated by December 2021, new hiring will start picking up in FY22 and we may create 20% more jobs in six years than what was targeted initially,” said Pankaj Mohindroo, chairman of industry body India Cellular Electronics Association.
›A 2-lakh crore scheme is propelling some factories into overdrive. A little tweak can make it go full swing
A 2-lakh crore scheme is propelling some factories into overdrive. A little tweak can make it go full swing
Synopsis
The PLI scheme incentivises companies to make in India. Manufacturers have the added benefit of tapping a vast domestic market as well as exporting. But a few changes to the policy can really help unleash animal spirits.
Amrit Manwani, CMD of electronic components’ manufacturer Sahasra Electronics, has been bullish since October, when he got the nod to receive incentives under the Production Linked Incentive (PLI) scheme.
Electronics, handset cos slash production
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Some component and device makers such as TMB Battery, Khy Electronics, Salcomp, Jabil, Sunwoda Electronics, JSP electronics, Hong Guang De Technology, Rashmi Rare Earth, Sahasra Electronics and VVDN have shut factories for 7-10 days or reduced shifts to curb the virus spread, several industry executives told ET.
AFP
Videotex has prioritised the safety of its workers and cut production by over 50%, Bajaj said.
Several electronics manufacturers including Lava International, Transsion Holdings, MCM Telecom Equipment, Videotex International and Veira Electronics are cutting production by up to 50%, as the raging second Covid-19 wave hits demand and due to a shortage of components and factory workers.
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“UP has taken an excellent step of permitting industries to operate continuously even in the curfew period,” said Pankaj Mohindroo, chairman of India Cellular & Electronics Association (ICEA).
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The UP government on Wednesday allowed all manufacturing units to continue operations even during weekend lockdowns and night curfews but asked them to strictly follow Covid-related protocols.
The move comes as a huge respite to UP’s electronics manufacturing industry, including mobile phones, televisions and most importantly the component makers, which run continuous processing units with 24-hour shifts.
“UP has taken an excellent step of permitting industries to operate continuously even in the curfew period,” said Pankaj Mohindroo, chairman of India Cellular & Electronics Association (ICEA).