NEW DELHI: Homegrown smartphone brand Micromax is reportedly planning to make a comeback to the Indian market. This time, the company is banking on the government support, with its Production Linked Incentive (PLI) scheme which was announced recently. The company said that it would invest Rs 500 crore towards manufacturing and research and development, as per an online report. The brand also plans to launch 20 new phones by the end of the next fiscal.
The PLI scheme will help boost local manufacturing as part of government’s initiative to make India self-reliant (Aatmanirbhar). The PLI scheme was announced on April 1, 2020, under the National Policy on Electronics 2019 shall extend an incentive of 4% to 6% on incremental sales (over the base year) of goods manufactured in India and covered under target segments, to eligible companies, for a period of five (5) years subsequent to the base year as defined.
Micromax co-founder Rahul Sharma in an interaction with a leading daily said that the company was looking to regain its spot in the smartphone market through the multiple handsets it has planned to launch in the future. He also mentioned that the phone would look to disrupt the market.
On 15 August, the smartphone brand had also uploaded a teaser across its social media handles captioned "73 years of independence or being in dependence? On our 74th independence day, let's stop being doosron pe nirbhar and become truly Atmanirbhar. Are you ready to join the revolution with us?"
73 years of independence or being in dependence?
On our 74th Independence Day, let's stop being doosron pe nirbhar and become truly Atmanirbhar.
Are you ready to join the revolution with us?#AtmaNirbharBharat #JoinTheRevolution #IndependenceDay pic.twitter.com/7O5Y8JrbAM— Micromax India (@Micromax__India) August 15, 2020
Due to the influx of Chinese brands including Xiaomi, Oppo, the homegrown smartphone brands got wiped out of the smartphone market. Reportedly, Xiaomi is currently leading the smartphone market with a 30 per cent market share.
