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

India ​on Monday approved 29 ​proposals from various companies under its ​electronics component manufacturing program, with a total investment of Rs. 71.04 billion ($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)