Samsung recently got approved by the chief minister of Uttar Pradesh, Yogi Adiyanath to start its display production in Noida, India. Based on this, the Korean tech giant will shift its mobile and IT display production unit from China to Noida, India. For this, the company is planning to invest a sum of 4,825 crore INR.
The Korean tech giant also has certain advantages in India with some incentives following the made in India scheme started by the Indian PM, MR. Narendra Modi. This new project in the country will also generate direct employment of 510 employees. This will be the second project of the company as it already runs a mobile production unit in Noida which was started in the year 2018.
Under the production linked incentive (PLI) scheme started by the Indian government, the company plans to produce smartphones for over $40 billion. And as per the UP Electronics Manufacturing policy 2017, Samsung is also eligible for the exemption of stamp duty in the transfer of land.
Further, the Korean firm will also have plans to set up TV production in Chennai which it will commence from December 2020. It looks like the production policies in India provide adequate concessions for the MNC’s investing in the country. Looking at this Samsung may also set up more plants in the country in near future.