India approves $626 million in projects to boost electronics components manufacturing

(Reuters) -The Indian government has approved the first batch of seven projects worth over 55 billion rupees ($625.75 million) to boost domestic manufacturing of electronics components. The approval includes four projects by Kaynes Circuits India, covering multi-layer and high-density printed circuit boards (PCBs), camera modules and laminates, along with projects by SRF, Syrma Strategic Electronics, and Ascent Circuits, the electronics and IT ministry said on Monday. India has been stepping up efforts to boost electronics manufacturing, launching a series of incentive programs, including production-linked incentive (PLI) schemes and the Semiconductor Mission, to attract global and domestic investors and expand local manufacturing capacity. The projects, which will be located in the states of Tamil Nadu, Andhra Pradesh and Madhya Pradesh, are expected to produce components worth 365.59 billion rupees and create over 5,100 direct jobs, according to the ministry. The move aims to reduce import dependence and strengthen supply chains for sectors including defence, telecom, electric vehicles and renewable energy. Electronics manufacturing has gained momentum in India as global giants, including Alphabet's Google and Apple, expand their supply chains away from China. India's electronics manufacturing sector is set to grow to 6 trillion rupees in fiscal year 2027, from 1.46 trillion rupees in 2022, brokerage Motilal Oswal said in a note in December. ($1 = 87.8950 Indian rupees) (Reporting by Aleef Jahan in Bengaluru; Editing by Sonia Cheema)

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