India approves over $750 million in projects for electronic component manufacturing

By Tanvi Mehta

NEW ‌DELHI, March ​30 (Reuters) - ​India on Monday approved 29 proposals from various companies under its electronics component ‌manufacturing program, with a total investment of 71.04 ⁠billion rupees ($751.21 million), the Electronics and Information Technology Ministry ‌said.

India has launched a series ‌of incentive programs to attract global and domestic investors, expand local manufacturing capacity, reduce import ​dependence and strengthen supply chains as it looks to improve its electronics manufacturing.

India's electronics manufacturing ⁠sector produced goods worth $125 billion in the year to March 2025. ​The government hopes to increase this to $500 billion by fiscal 2031.

The proposals cover mobile ​manufacturing, telecom, consumer electronics, automotive ‌and hardware products, according to a statement from the ministry.

A unit of India's ⁠Dixon Technologies was given the nod for making display modules, while Lohum Cleantech secured the approval to manufacture ⁠rare-earth permanent magnets.

According to the statement, Lohum's project is ​India's first for manufacturing rare-earth permanent magnets from rare-earth oxide.

Reuters reported this month that the Indian government is planning fresh ‌incentives for local production of mobile phones with the flagship program for ‌the burgeoning sector expiring in March, citing two ⁠sources. The move is ‌expected to boost ​firms such as Apple and Samsung.

($1 = 94.5680 Indian rupees)

(Reporting by Tanvi MehtaEditing by Rod ‌Nickel)

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