Shares of electrical equipment manufacturers Kaynes Tech, Dixon Tech and Syrma SGS gained up to 2% on Monday, after the government notified a new Mobile Phone Manufacturing Scheme (MPMS), with a budgetary outlay of Rs 62,500 crore.
The Ministry of Electronics and Information Technology (MeitY) on Friday notified the new scheme to boost global competitiveness and deepen domestic value addition, supporting Indian mobile phone brands to achieve technological sovereignty, capture greater economic value, and encourage Indian patents in design and R&D, while generating employment, it said in a press release. The notification comes more than a month after the Union Cabinet approved the scheme on July 15.
