India grants incentives for Dell, HP, Foxconn to make IT hardware locally (updated)

Foxconn Technology

18/11/2023 10:52

(Recasts; adds details on jobs, domestic manufacturers)
       MUMBAI, Nov 18 (Reuters) - The Indian government has
approved investments by 27 companies including Dell  DELL.N , HP
 HPQ.N  and Foxconn  2317.TW  under its $2 billion incentive
scheme to manufacture IT hardware domestically. 
    Information technology minister Ashwini Vaishnaw said the
companies are expected to invest 30 billion Indian rupees ($360
million) collectively, while creating 50,000 jobs in the sector.
    Approvals have also been granted to domestic manufacturers
including Dixon Technologies  DIXO.NS  and VVDN, the minister
said.
    The government had in May doubled the value of the incentive
scheme to spur domestic production of laptops and tablets,
following a lukewarm response to a previous programme.
    The country is offering cash-backs to manufacturers on sales
of locally made goods that exceed an annual target.
    The scheme is key to India's 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;))