The Indian govt’s PLI scheme is bringing in big money into India as firms look to add local manufacturing capacities on the back of the scheme. Apple’s 3 suppliers – Foxconn, Wistron and Pegatron – will invest Rs 4000 Cr, Rs 1300 Cr and Rs 1200 Cr respectively, committing $900M in India over the next 5 years. This will make India self-reliant in terms of manufacturing of key items. Mobile and electronics are the biggest non-oil imports in India besides gold.

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