The Indian Prime Minister’s Make in India campaign to boost the Indian economy has been constantly gathering steam since the time it was launched. The latest player to enter the Make in India Band Wagon is LG Electronics. The South Korean Electronics giant is all set to manufacture smart phones in the Indian soil. The Make in India campaign provides a win-win situation for all stake holders – The MNCs get cheaper labour compared to rest of the world, the process generates employment for the Indian citizens. The setting up of businesses and manufacturing units help fill the government coffers. Overall, the campaign can only do good to all concerned.
Setting up a manufacturing unit in Indian soil offers several benefits to LG Electronics too. The company will get to increase its market share while at the same time increase the market presence of its several smart phones. The company can and most certainly will also take benefit of the excise duty slash offered to handsets made and sold in India. The entrant of Chinese smart phone makers has already increased the competition in the market, especially because they provide high end technology at cheaper prices. The K – series smart phones will be among the first to be manufactured in India.
Kim Ki-Wan, Managing Director, LG Electronics India said, India is a strategic market for LG globally and the decision to manufacture smart phones in India underscores our commitment to our customers here. We want to tap the huge potential for smart phones in the country and the K-series will be the first ones to be manufactured in India. Ravi Shankar Prasad, the Indian Telecom Minister, launched the K7 and K10 devices and on the occasion said that it was an occasion of personal satisfaction to see foreign companies setting up their base in India for manufacturing electronics.
