Samsung has sought an extension of one year for receiving incentives under the production linked incentive (PLI) scheme for smartphones, according to officials familiar with the matter. The South Korean electronics company missed out on incentives for one year of its five-year period, which concluded this March.
Under the current PLI scheme for smartphones that started in FY21, the Korean company’s tenure ended on March 31. Samsung failed to receive incentives in the scheme’s second year due to unmet production targets. The company is now requesting an additional year to compensate for the missed period, aiming to secure benefits for a full five years.
“They (Samsung) want to get incentives for five years…we are examining the issue and will decide accordingly,” one official told ET.
Currently, Samsung is expected to receive approximately ₹3,200 crore in incentives for its four-year participation in the scheme, according to officials.
Also Read | Goodbye China, Namaste India! Laptop brands shift production as PLI scheme bears fruit, Trump’s tariffs loom large
The enterprise is currently evaluating options to shift some production from Vietnam to India, considering the US-led tariff disputes. The organisation is assessing potential fiscal incentives available in the current period, according to an official. Whilst Samsung’s scheme tenure has concluded, other PLI scheme participants, including Apple’s vendors, are in their final year.
Additionally, Samsung presently fulfils most US requirements from its Vietnamese facilities, whilst Indian-manufactured devices are shipped to other global markets. The organisation aims to decrease its Vietnamese manufacturing concentration to prevent potential future tariff implications, according to industry specialists.
The US administration had initially imposed 46% tariffs on Vietnam, considerably higher than India’s 26%, due to Vietnam’s substantial trade surplus with the United States. These reciprocal tariffs were subsequently suspended for 90 days.
Following the suspension, both India and Vietnam now face equivalent tariff structures.
Also Read | ‘India a very hot market but…’: Elon Musk-led Tesla says 100% car tariffs make customers anxious
India presents a viable alternative for Samsung’s manufacturing needs. Based on industry data, while Samsung’s Indian facilities can produce 70 million phones yearly, current production stands at 43-45 million units, with 23-25 million serving domestic needs and the remainder going to exports. The company maintains flexibility to boost capacity within two to three months if needed.
In FY25, Samsung’s smartphone exports from India reached ₹30,000 crore ($3.5 billion), compared to Vietnam’s $35 billion, with $10 billion specifically destined for the US market.
“A majority of this ($10 billion) can now be shifted to India in the short term, starting in the current quarter,” said one of the persons cited.
Despite Samsung’s long-standing presence in India and its participation in the smartphone PLI scheme, the company’s export figures have remained unchanged.

Gold prices are hitting lifetime highs and India Inc veterans have been hailing Indian homemakers for their wisdom in storing the yellow metal. In a post on X (formerly Twitter) industrialist Harsh Goenka lauded his wife’s gold investment strategy. This comes at a time when gold prices have crossed the Rs 1 lakh mark.
The RPG group chairman took to X, and shared a conversation with his spouse. The post said, ”10 years ago, I bought a car for ₹8 lakh. She bought gold for ₹8 lakh. Today, the car is worth ₹1.5 lakh. Her gold is worth ₹32 lakh.”
He further added that wives are smarter.
Sharing another conversation, he wrote on X, “I said, ‘Let’s skip gold and go on a vacation?’ She replied, ‘Vacation lasts 5 days. Gold lasts 5 generations.’ I bought a phone for ₹1 lakh. She bought gold. Now, the phone’s worth ₹8,000. Her gold is ₹2 lakh.”
Raj Nayak, an influencer, commented on Goenka’s post, saying,”Gold may last generations. But we don’t.That five day vacation? It turns into stories, smiles, and moments that lights up your soul for a lifetime.The phone might be worth ₹8K now, but that late night call to your son, daughter, or mother… that photo you clicked by the ocean… that memory? Priceless.You can buy what appreciates in value, or you can invest in what makes you feel alive.”
A few days ago Uday Kotak, Founder & Director, Kotak Mahindra Bank had also hailed Indian housewives as the ‘smartest fund managers’. “The performance of gold over time highlights that the Indian housewife is the smartest fund manager in the world. Governments, central banks, economists, who support pump priming, high deficit funding, may need to take a leaf from India, a net importer of store of value forever!,” he wrote on X.
Gold MCX futures have surpassed Rs 1 lakh, marking an unprecedented milestone. Gold continues to serve as a reliable investment during periods of market instability. The rise in gold prices is attributed to global economic uncertainties, growing tensions between China and the US, whilst a declining dollar has further strengthened this upward trend.
Market analysts suggest that current valuations reflect heightened geopolitical risks, influenced by US President Donald Trump’s trade policies and concerns about economic stagnation with inflation. These factors are expected to contribute to additional gains in gold prices.
Global central banks have consistently increased their gold acquisitions over multiple quarters, building their reserves to record levels. Notably, the RBI has been actively purchasing gold and relocating substantial amounts back to Indian territory.

Representative image
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Equity benchmark indices Sensex and Nifty declined in early trade on Thursday (April 23, 2025) amid profit-taking after a seven-day rally and muted trend in Asian markets.

The 30-share BSE benchmark declined 242.01 points to 79,874.48 in early trade. The NSE Nifty went down by 72.3 points to 24,256.65.

In the past seven trading days, the BSE benchmark gauge zoomed 6,269.34 points or 8.48% and the Nifty jumped 1,929.8 points or 8.61%.

From the Sensex firms, Eternal, Bharti Airtel, ICICI Bank, Mahindra & Mahindra, HCL Technologies, Reliance Industries, and HDFC Bank were among the laggards.

IndusInd Bank, Tech Mahindra, Nestle, Bajaj Finance, Axis Bank, and Tata Motors were among the gainers.

In Asian markets, South Korea’s Kospi index, Shanghai SSE Composite, and Hong Kong’s Hang Seng were trading lower while Tokyo’s Nikkei 225 quoted in the positive territory.

U.S. markets ended sharply higher on Wednesday (April 23, 2025). Nasdaq Composite jumped 2.50%, S&P 500 surged 1.67% and Dow Jones Industrial Average climbed 1.07 per cent.

Global oil benchmark Brent crude climbed 0.12% to $66.20 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth ₹3,332.93 crore on Wednesday (April 23, 2025), according to exchange data.

The BSE benchmark jumped 520.90 points or 0.65% to settle at 80,116.49, the highest closing level since December 18, on Wednesday (April 23, 2025). The Nifty rallied 161.70 points or 0.67% to 24,328.95.