India approves $360 million in investments in IT hardware sector

Foxconn Technology

18/11/2023 10:14

MUMBAI, Nov 18 (Reuters) - The Indian government has
approved investments worth 30 billion Indian rupees ($360.4
million) in the IT hardware sector under its flagship
manufacturing incentives scheme.
    Applications from 27 companies have been approved,
information technology minister Ashwini Vaishnaw said on
Saturday. A total of 40 applications had been submitted.
    Dell  DELL.N , Hewlett Packard  HPE.N , Foxconn  2317.TW  
unit Rising Star and Flextronics are among those granted
approval, according to a government release.
    The government in May expanded its incentive scheme to
attract big-ticket investments in IT hardware manufacturing,
doubling the amount to $2 billion as it aimed to spur domestic
production of laptops and tablets.
    The country is offering cash-backs to manufacturers on sales
of locally made goods that exceed an annual target.
    India has ambitions to become a powerhouse in the global
electronics supply chain, with the country targeting an annual
output worth $300 billion by 2026.
    
    ($1 = 83.2440 Indian rupees)

 (Reporting by Munsif Vengattil; writing by Ira Dugal, Kirsten
Donovan)
 ((Ira.Dugal@thomsonreuters.com; +91-9833024892;))