SYNOPSIS: The Indian government is expected to launch Mobile PLI 2.0 with over $5 billion by May to boost smartphone exports, building on the LSEM scheme’s success and strong export growth; likely beneficiaries include Dixon Technologies, Syrma SGS Technology, Optiemus Infracom and others.
The Indian government is preparing to launch a new version of its production-linked incentive (PLI) scheme for mobile phones, with an expected outlay of over USD 5 billion (around ₹46,000 crore).
It is likely to be rolled out by May, and the updated scheme, often referred to as PLI 2.0, will focus on boosting mobile phone exports from the country. It is currently under discussion between the Ministry of Electronics and IT and the Finance Ministry before being sent for cabinet approval.
LSEM – Overview and Objectives
The Scheme for Large Scale Electronics Manufacturing (LSEM), launched in 2020 with an outlay of Rs. 40,995 crore, was designed to boost domestic production of mobile phones and related electronic components in India. Its primary objective was to position India as a global electronics manufacturing hub by encouraging large-scale investments, increasing local value addition, and reducing dependency on imports.
The scheme provided production-linked incentives to eligible manufacturers, which helped attract major global and domestic players to set up or expand manufacturing facilities in the country. As a result, it significantly strengthened India’s smartphone production ecosystem, expanded employment opportunities, and contributed to the rapid growth of exports in the electronics sector
Export Growth Under the Scheme
The upcoming scheme is expected to further strengthen India’s mobile manufacturing ecosystem, with a strong emphasis on doubling smartphone exports. It builds on the success of earlier incentive programs that helped scale up production and attract global electronics manufacturers to India.
India has already seen strong export momentum, with smartphones worth Rs. 2.62 lakh crore (about USD 28 billion) shipped in 2025. Companies like Apple have played a major role in this surge, using India as a key production and export base under the existing incentive framework.
Scheme Performance: Exports vs Employment
Overall exports under the scheme have performed strongly, crossing Rs. 6.2 lakh crore by February 2026. This marks a 27% increase over the initial target, highlighting the scheme’s success in scaling up India’s electronics manufacturing and strengthening its position in global supply chains.
However, job creation has slightly underperformed relative to expectations. The scheme has generated around 1.85 lakh jobs so far, which is about 8% below the government’s target of 2 lakh jobs. While employment growth remains steady, productivity and capital-intensive manufacturing have expanded faster than labour absorption.
Here is the list of stocks that are likely to benefit from the Scheme
Dixon Technologies (India) Ltd
Dixon Technologies (India) Ltd is an Indian electronics manufacturing services (EMS) company based in Noida, founded in 1993. It designs, assembles, and manufactures a wide range of electronic products such as smartphones, televisions, washing machines, LED lighting, CCTV systems, and IT hardware for major global and Indian brands like Samsung, Xiaomi, Panasonic, and Philips.
Syrma SGS Technology Ltd
Syrma SGS Technology Ltd is an Indian Electronics Manufacturing Services (EMS) company. It offers end-to-end electronics solutions, including product design, engineering, PCB assembly, and large-scale manufacturing for sectors such as automotive, consumer electronics, industrial systems, medical devices, railways, and defence. It also makes key electronic components like PCBs, RFID products, magnetic components, and sub-assemblies used in the mobile phone supply chain.
Optiemus Infracom Ltd
Optiemus Infracom Ltd is an Indian electronics manufacturing company focused on mobile phone and device assembly (EMS). It manufactures smartphones and other telecom products for various global and domestic brands and provides services like PCB assembly, device manufacturing, and supply chain support. The company plays a role in India’s PLI-led mobile manufacturing ecosystem, operating as a contract manufacturer in the electronics sector.
Kaynes Technology India Ltd
Kaynes Technology India Ltd is a listed Indian Electronics Manufacturing Services (EMS) company headquartered in Mysuru, Karnataka. It provides end-to-end electronics manufacturing solutions, including product design, PCB assembly, embedded systems, box-build assembly, testing, and supply chain management. The company serves industries like automotive, industrial, aerospace, defence, medical devices, railways, energy, and IT hardware.
Amber Enterprises India Ltd
Amber Enterprises India Ltd is a leading Indian manufacturer of room air conditioners (ACs) and AC components, supplying major brands like LG, Voltas, Daikin, and Whirlpool. It designs and produces complete AC systems as well as key parts such as heat exchangers, copper tubing, motors, and sheet metal components. The company has also expanded into electronics manufacturing services (EMS), making PCB assemblies and electronic sub-systems for consumer electronics.
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