India approves electronic component projects worth $4.6 billion

Jan 2 (Reuters) – India has approved projects worth 418.63 billion rupees ($4.64 billion) from a host of companies to boost domestic manufacturing of electronic components under an incentive scheme, the country's IT ministry said on Friday. Global majors Samsung Electronics, Tata Electronics and Foxconn were among the companies whose projects were approved to receive government subsidies under the Electronics Component Manufacturing Scheme, which has an outlay of 229.19 billion rupees. The projects include the manufacture of enclosures for mobile phones, camera sub-assemblies and other components.   India has been stepping up efforts to boost electronics manufacturing, launching a series of incentive programs to attract global and domestic investors, expand local manufacturing capacity, reduce import dependence and strengthen supply chains across multiple sectors. 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 projects approved on Friday are spread across eight states and are expected to produce parts worth 2.58 trillion rupees ($28.62 billion), while employing about 34,000 individuals, according to the IT ministry.. ($1 = 90.1440 Indian rupees) (Reporting by Nandan Mandayam in Bengaluru; Editing by Harikrishnan Nair)

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