What’s the real key to unlock India’s Rs 62,500 cr mobile manufacturing incentives?

India’s newly notified ‘Mobile Phone Manufacturing Scheme (MPMS)‘ is designed to push the country up the value chain in smartphone making, but a fresh brokerage report says the biggest winners will be those who sell heavily abroad.

According to Kotak Institutional Equities, exports are likely to be the key driver for mobile brands that want to consistently beat the scheme’s growth benchmark and maximise incentives, because India’s domestic smartphone market has seen only limited volume growth in recent years.