Dozens of Tech Firms Apply for Financial Incentives to Make Products in India

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Dozens of tech firms, including Dell Technologies (DELL), HP (HPQ), and Apple (AAPL) iPhone manufacturer Foxconn, are vying for government financial incentives to build PCs, laptops, and other electronic devices in India.

Ashwini Vaishnaw, the country’s minister of electronics and information, reportedly said the response by companies applying for part of the $2.1 billion program, which is designed to increase local production of those devices, has been greater than anticipated. India indicated 32 firms made bids ahead of the August 30 deadline.

The plan gives the manufacturers almost 5% of the factory prices of the products they make, and they’ll get even more money if they source components from Indian suppliers.

Vaishnaw indicated that companies chosen for the program could start production under the plan as early as next year.

Bloomberg. “Dell, HP, Foxconn Apply for India Aid in Local Production Push.”