In last one year, Asia’s third-largest economy attracted record foreign direct investment totalling $62 billion. Modi’s flagship program to lure investors to manufacture in India has started showing its impact.
Yesterday, Samsung Electronics Co. opened the world’s largest mobile phone factory in located at the outskirts of Delhi. The factory was inaugurated by Modi and South Korean President Moon Jae-in during their visit to India.
According to International Data Corp., the smartphone market in India grew by 14 per cent in 2017 and it is with the fastest pace of growth among the top 20 markets. Last year, India overtook the US to become the world’s second-largest smartphone market after China. There will be 780 million connected smartphones in 2021, compared with 359 million in 2016, according to a study by Cisco Systems.
Indians prefer low-end smartphones priced at $250 or less because of the low average annual income of its people. That’s also one reason why Apple Inc. was not able to have a big market share in India.
H.C. Hong, Chief Executive Officer, Samsung India, said: “We are aligned with Government policies and will continue to seek their support to achieve our dream of making India a global export hub for mobile phones.”

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