Speculation was going on! This time the preparation started accordingly. Samsung removes display factory from China And India has chosen South Korean smartphone maker Samsung as the new display factory. Samsung’s new display plant is being built in Uttar Pradesh.
The Uttar Pradesh government has said it will give a hefty incentive to South Korea’s Samsung to build a display factory in Noida at a cost of ₹ 48.25 billion. It was also informed that Prime Minister Narendra Modi’s resolve to make India a manufacturing hub will be taken forward in this way.
At the moment, India is the second largest smartphone market in the world, with the potential to grow at a significantly higher rate in the future. The last few years have seen a flurry of Chinese smartphones in the country. Despite a call for a boycott of Chinese goods in India after a number of Indian soldiers were killed in a Chinese attack on the Galwan border in eastern Ladakh, several Indian smartphone brands are still doing well in India.
But Samsung’s market in India is not too bad either. The company offers a range of phones, which are available to both middle- and upper-class people in the country. And in the world’s second largest smartphone market like India, a well-known smartphone-maker like Samsung has been keeping a close eye on the market for many years.
Meanwhile, earlier this year, the central government announced a 6.65 billion grant to boost smartphone production in the country. A total of 16 companies will receive the grant, including Samsung, Apple, Foxconn, Wistron and Pegatron.
The Uttar Pradesh government on Friday said Samsung would receive ₹ 7 billion in financial benefits to build factories in the country. Besides, it has also been informed that the company will also be exempted from the tax payable on transfer of land for the factory. Once this new Samsung plant is built in Uttar Pradesh, at least 510 people will get direct jobs there. However, this is not to say that Samsung is building its first plant in India. The company already has a huge mobile phone manufacturing plant in Uttar Pradesh.