: Amazon to manufacture electronic devices in India #FinanceIndia #StockMarketNEWS Amazon to manufacture electronic devices in India New Delhi, Feb 17 (KNN) In a massive development in giving the manufacturing

@StockMarketNEWS Thu 18 Feb, 2021

Posted in: #FinanceIndia #StockMarketNEWS

Amazon to manufacture electronic devices in India #FinanceIndia #StockMarketNEWS
Amazon to manufacture electronic devices in India New Delhi, Feb 17 (KNN) In a massive development in giving the manufacturing sector an Atmanirbhar push, e-commerce giant Amazon has made an announcement to start manufacturing of electronics products in India.

In this regard, Ravi Shankar Prasad, the Union Minister for Electronics & Information Technology, Communications and Law &Justice on Tuesday held a virtual meeting with Amit Agarwal, Amazon’s Global Senior Vice President and Country Head for India.

To begin with, Amazon is going to start manufacturing Amazon Fire TV sticks from India.

Speaking on the occasion Ravi Shankar Prasad said “India is an attractive investment destination and is poised to become a major player in the global supply chain in the electronics and IT products industry. Our Government’s decision to launch a Production Linked Incentive (PLI) Scheme has received tremendous response globally. We welcome Amazon’s decision to set up a manufacturing line in Chennai, as it will enhance domestic production capacities, and create jobs as well. This will further our mission of creating an AatmaNirbhar Bharat which is digitally empowered. ”

Minister also mentioned that it is only a beginning for Amazon’s efforts to manufacture electronics products from India for India and export markets.

According to an official statement, Amazon will commence its manufacturing efforts with contract manufacturer Cloud Network Technology, a subsidiary of Foxconn in Chennai and start production later this year. The device manufacturing program will be able to produce hundreds of thousands of Fire TV Stick devices every year, catering to the demands of customers in India.

Amazon will continuously evaluate scaling capacity to additional marketplaces/cities depending on the domestic demand, the statement added.

India has taken several key steps to encourage electronics manufacturing in India. The PLI for Large Scale Electronics Manufacturing has emerged as a major success with many international companies commencing production of electronics goods from India.

Entry of Amazon in this sector adds to the success story of electronics manufacturing in India, it said.

“Under the leadership of PM Narendra Modi, electronics manufacturing in India has recently attracted some of the biggest investments from global giants. Happy to share Amazon India is the latest to join this success story of India,” the Minister wrote on Koo.

Prasad also asked Amazon India to help in taking products made by India’s artisans and Ayurvedic products to global markets through e-commerce platforms.

"Amazon is a global company but Amazon India must evolve as a truly Indian company deeply connected with Indian business community and culture," he added.