Investment of Rs 6,863 crore
According to a statement issued by the Government of Tamil Nadu, Tata Motors will invest approximately Rs 5,763 crore and Bekatron Rs 1,100 crore in the first phase of the smartphone parts manufacturing plant project that will form Pegatron and Tata Electronics.
The United States-China problem
In recent years, many of the major smartphone manufacturers have left China due to the trade crisis between the United States and China. India has attracted a lot of smartphone companies that have left.
The central government has set a goal of making India a global hub for smartphone exports and smartphone parts exports in the coming years. It should be noted that the Central Government has made various concessions to achieve this objective.
16 foreign companies
In particular, the central government approved last October the installation of factories in India for some 16 foreign companies under the PLI scheme, which was launched by the central government to increase the country’s production parameters to improve the Indian economic recession caused by the crown and lock a few months ago.
Jackpot for Tamil Nadu
Sun Edison will invest approximately Rs 4,629 crore to manufacture solar panels in Tamil Nadu, following in the footsteps of Pegatron. Following this, Ola Electric will invest around Rs 2,354 crore to manufacture batteries and electric two-wheelers.
Tamil Nadu Economy
These projects are expected to not only bring more employment opportunities to the people of Tamil Nadu, but also make Tamil Nadu an important part of India’s manufacturing dream.
Furthermore, the economy of Tamil Nadu and the livelihood of the people of Tamil Nadu are expected to improve far beyond employment, with more and more companies starting new businesses in Tamil Nadu.