Samsung may move part of smartphone production to India, plans to make devices worth $40 billion

Electronics major Samsung might move part of its smartphone production to India from Vietnam and other countries. The South Korean company is planning to produce devices worth over $40 billion or Rs 3 lakh crore in the country. As per the daily, Samsung has submitted an estimate to the government to make smartphones worth $40 billion in the next five years under the PLI scheme. Samsung makes nearly 50 per cent of its phones in Vietnam. If Samsung’s plans follow through, it will join smartphone major Apple in moving a key part of its productions to India. “A total of 22 companies have filed their applications under the PLI Scheme. The benchmark for international mobile phone manufacturing companies was to manufacture mobile phones worth Rs 15,000 and above, whereas there wasn’t any such benchmark for the domestic companies. We welcome Apple and Samsung to India. Domestic companies – Lava, Micromax, Padget Electronics, Sojo – are welcome to go ahead,” said the minister. The global smartphone export market is estimated around $270 billion, out of which Apple has 38 per cent market share and Samsung 22 per cent by value.