India approves over $750mln investment to expand electronics manufacturing

The India government has approved to invest a total of $751.21 million after receiving 29 proposals, the Electronics and Information Technology Ministry said.

A series of incentive programs have been launched in India, attracting global and domestic investors. The purpose is to expand local manufacturing capacity and reduce import dependence and strengthen supply chains as it looks to improve its electronics manufacturing, officials said.

The home-made electronic products sector are worth $125 billion in the year to March 2025, with the government hoping its increase up to $500 billion by fiscal 2031.

According to a statement from the ministry, the submitted proposals cover mobile manufacturing, consumer electronics, telecom, automotive and hardware products,

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.

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

Indian government is planning fresh incentives for local production of mobile phones with the flagship program for the burgeoning sector expiring in March.

The government’s work on the initiative is expected to boost firms such as Apple and Samsung.