India bets billions on smartphone manufacturing

India unveiled a ₹625 billion ($6.5 billion) smartphone manufacturing incentive program and a ₹1.28 trillion ($13.3 billion) semiconductor push. The five-year scheme rewards manufacturers with 2.25% to 5% incentives on eligible sales, plus 1.5% for local component sourcing. Apple, Samsung, Xiaomi, Oppo, and Vivo produce in India, with 25% of iPhones now made there.