India approved 29 proposals for electronic component manufacturing with total investment of $751.21 million. The Electronics and Information Technology Ministry announced the approvals Monday.
The projects span mobile manufacturing, telecom, consumer electronics, automotive and hardware products. Dixon Technologies received approval for display modules while Lohum Cleantech will manufacture rare-earth permanent magnets.
India's electronics sector produced $125 billion in goods through March 2025. The government targets $500 billion by fiscal 2031.
The push expands local manufacturing capacity and reduces import dependence as India strengthens supply chains. Lohum's rare-earth magnet project marks India's first manufacturing of these components from rare-earth oxide.
New incentives for mobile phone production are expected to benefit companies like Apple and Samsung as existing programs expire.