Napino Auto & Electronics Limited got selected for the PLI for white goods (consumer durables, like air conditioners, LED lights, etc.) with the support of Virtual Forest, an electronics solution provider.
Under this selection, Napino will design & develop IDU / ODU / remote control assemblies for AC.
Also, in the month of April ’22, Napino got selected under the PLI Scheme for Automobile and Auto components by the government among 75 notable applicants. The scheme was successful in attracting a proposed investment of ₹ 74,850 crores.
What is a PLI Scheme?
Production Linked Incentive Scheme (PLI Scheme), as the name suggests, is a sum of Indian government incentives that are linked directly with manufacturing performance. Under this scheme, the government is encouraging foreign and domestic companies to start production in India. It’s a key step to realizing the ambitious dream of “Atma Nirbhar Bharat’ and creating thousands of jobs. Making India a global manufacturing hub.
India introduced the PLI Scheme in order to promote indigenous production and reduce dependence on a single market or geographical region. The pandemic struck the world in early 2020, along with bringing the measures to contain the virus, shrinking the dependency on a single country for most of the hardware and electronic components. Since manufacturing is a capital-intensive industry and has a long gestation period, incentivizing capital-rich global firms to set up facilities for incremental output makes more sense, say experts.
Which industries have received PLI approvals?
The first PLI scheme approval came for the large-scale production of mobile phones. The subsequent PLI approvals came for 42 companies including Napino Auto & Electronics Ltd which was shared by the Department for Promotion of Industry and Internal Trade (DPIIT). Over the next 5 years, these companies will invest around INR 4,614 crores creating direct employment for 44,000 people in the country.
Dell, Wistron, Foxconn, Nokia, and Dixon are other notable names to have received the PLI approvals.
PLI Scheme aims to manufacture $500 billion worth of electronic goods in the next 5 years. Looking at the projections of say, AC units, there is a demand for 150 million AC units in the market in the next 10 years. The selection of Napino will support ensuring this projected rise in demand for ACs is being fulfilled.
Our Group CEO, Mr. Naveen Kumar Singh had to say this about the selection, “We are extremely proud to have been selected for the PLI scheme. Our world-class capabilities have worked really well in delivering market solutions to our customers with short turnaround times. Our selection under the scheme takes us one step closer to our goal of making India an electronics manufacturing hub. We have already begun working towards our targets to ensure that we complete them in time. We see this as a first milestone in becoming a diversified player catering to customer requirements beyond the automotive space.”
Omer Basith, Co-Founder & CEO of Virtual Forest said, “This is a major milestone for us. Our integrated network of critical partners like Napino Auto & Electronics Ltd enables us to create value for our stakeholders at all stages of the development cycle starting with design/IP creation all the way to manufacturing, testing, and distribution. Napino Auto’s selection under the PLI scheme showcases its strength in electronics manufacturing and our competency in embedded systems development. We are steadfast in our mission to combine our efforts to help bring about the government’s vision of AatmaNirbhar Bharat.”
Napino Group is honored to contribute to the progress of the Indian auto & electronic industry by delivering the best in innovation and technology and making ‘Atma Nirbhar Bharat’ a dream come true.
Napino Digital Solutions is a part of Napino Group which has more than 2.5 decades of experience serving the automotive and electronic industry with an annual turnover of USD 200+ Mn and a strong 5,000+ workforce. We cater to several IoT product companies and tier-1 automotive companies across India, the USA, and Europe in the area of vehicle telematics, cameras, smart speakers, location and environmental trackers, wearable devices, modular IoT gateways, and access products for media and telecommunications.