India approves ₹7,100cr under electronics components manufacturing scheme, boosting production
Big news for tech in India: the government has okayed ₹7,100 crore in fresh investments under its Electronics Components Manufacturing Scheme.
This includes India's first-ever rare earth magnets plant by Lohum Cleantech in Uttar Pradesh (₹700 crore).
With these new projects, total approved investments hit ₹61,671 crore, expected to power up production worth a massive ₹4.51 lakh crore.
Projects to produce goods over ₹85,000cr
These projects will churn out goods valued at over ₹85,000 crore: think rare earth magnets and lithium-ion cells (hello, batteries!).
There's also major funding for flexible circuit boards and display manufacturing from companies like Syrma SGS Technology and Dixon Technologies.
Union Minister Ashwini Vaishnaw put it simply: building our own tech designs is key so we're not stuck relying on imports, right in line with the Make in India push.