NewsVoir
New Delhi [India], December 4: R.I.O.T. Labz Pvt. Ltd. is among the list of 27 companies approved for the PLI 2.0 scheme by the government for domestic IT hardware production. The company is known by its brand Oakter, India's homegrown electronics manufacturer with a focus on IOT products. The company is in the category of Original Design Manufacturer (ODM) which does the design and development of all its products. Oakter is in the process of developing an indigenous tablet under the PLI ambit and plans to commence manufacturing of the same within the next 90 days.
Commenting on the achievement, Nithin K. David, Co-founder at Oakter states, "We are elated to have been granted the PLI 2.0 Scheme and to be included with the likes of Dell, HP, Foxconn, Lenovo and others. This is a testament to our ability to design, develop, and large-scale manufacturing of high-quality internet-connected IOT products. With our foundation rooted in innovation, quality, and agility we have become a trusted manufacturing partner for businesses worldwide and the PLI 2.0 will help us reach greater heights."
The scheme's primary objective is to promote domestic manufacturing, and the approval for the PLI Scheme comes at a time when India is wooing IT hardware players with policy sweeteners and incentive schemes, making a determined push to position itself as a global powerhouse for hi-tech manufacturing. The tenure of the PLI 2.0 scheme has been set at six years, the 27 firms will together invest about Rs 3,000 crore under the scheme, and value production worth Rs 3.5 lakh crore (about USD 42 billion) is expected during this tenure.
It is estimated that the PLI 2.0 Scheme will grow the Indian manufacturing market by USD 6 Billion per year (INR 50k crore per year) in the next six years. The scheme will also shift manufacturing from China to the domestic market, and will also promote the export of domestically produced IT hardware. It is estimated by the ministry that the direct employment to be generated by the PLI Scheme will be around 2 Lakh. Taking advantage of this scheme - Oakter is looking forward to creating 30K new jobs under the PLI Scheme.
Founded in 2015 by Shishir Gupta, Varun Gupta and Nithin David - a team from IIT Delhi, Oakter has added many feathers to its cap. In less than a decade, the company has broken all records to set a benchmark in the ODM manufacturing of Smart Internet Connected IOT Devices & Audio Devices.
Oakter is committed to innovating, designing, and manufacturing cutting-edge electronic devices for a wide range of industries. As an ODM brand, Oakter takes pride in their ability to design, develop and large-scale manufacturing of high-quality products that meet the unique needs and specifications of customer centric brands. With a foundation rooted in innovation, quality, and customization, Oakter has become a trusted manufacturing partner for businesses worldwide.
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