PM Narendra Modi and South Korean PM Moon Jae-in officially inaugurated the world’s largest mobile phone factory in Noida on Monday. Samsung Electronics Co. Ltd. certainly becomes the first ever phone company to have over 35 acres of a plant for itself. Consequently, Noida slides on top of the world manufacturing map for consumer electronics.
The whole construction costs approximately Rs. 4,500 crores. Although last year, the company announced to invest Rs. 4,915 crores to expand the Noida plant. Notably, this is one of the biggest investment in the project of ‘Make In India’. In the inauguration speech, Modi said: “This 50 billion investment will not only strengthen Samsung’s business ties in India, it will also play a key role in India-Korea relations”.
Samsung already set up its plant in Noida in the year 1997. Since then, the company is manufacturing flat screen televisions, refrigerators, and mobile phones. Double the area means double the production capacity. Now the company will be able to manufacture nearly 120 million mobile phones every year. Till now Samsung used to manufacture nearly 67 million phones (as per the stats). Not only phones, but it will also produce refrigerators and televisions more than before.
As far as employment is concerned, opportunities are good. Samsung plan alone will create 15,000 local jobs. Modi added that in the last 4 years, mobile phone companies have given 4 lakh jobs.
According to the International Data Corp report, India’s smartphone market grew 14% in 2017, recording as the fastest growth among the top 20 markets. India is also leading to attract the highest foreign investments of 62 billion dollars. The previous year, India overtook the US to become the world’s second-largest smartphone market. China still ranks first.
According to a recent study by Cisco Systems, there will be 780 million connected smartphones in 2021. In 2016, there were 359 million smartphones. In a country of 1.3 billion people, there are only 425 million smartphone users.
There is a huge demand for smartphones in India. Samsung will help to supply them. Samsung will also compete with its rivalry Xiaomi which has now become India’s biggest smartphone brand.