The govt will announce Production Linked Incentive scheme for manufacturing of wearables, drones, VR/ AR and IoT products in India this year. At present, there is a demand for 2-3 bn IoT devices, which is expected to increase to 5 bn over the next two-three years. It is the government’s new initiative to boost manufacturing after the Rs 50,000-cr package to attract smartphone and component manufacturing firms to set up base here.