India, July 15 -- Union Cabinet chaired by the Prime Minister Narendra Modi has approved the Mobile Phone Manufacturing Scheme (MPMS) with a budgetary outlay of Rs 62,500 crore (Rupees Sixty-Two Thousand Five Hundred Crore Only).

Salient features:

* To further scale up the production, deepen domestic value addition, strengthen supply chain resilience, enhance global competitiveness, the Government has launched the Mobile Phone Manufacturing Scheme (MPMS).

* MPMS scheme also aims at building Indian brands to achieve technological sovereignty, capture large economic value and create Indian patents in design and R&D.

* The scheme tenure shall be 5 Years i.e. from FY 2026-27 to FY 2030-31.

* The scheme provides incentive support on eligi...