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India approves $360 million in investments in IT hardware sector

MUMBAI: 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, Hewlett Packard, Foxconn 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.

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