India to offer $4-$5 billion in incentives to companies to make electronic components locally

The logo of electronics contract manufacturer Foxconn Technology Group, formally known as Hon Hai Precision Industry, is displayed at its headquarters in Taipei. Photo: Agence France-Presse
India plans to invest up to $5 billion to incentivize domestic production of electronic components. This move aims to reduce reliance on Chinese imports and strengthen India’s position as a global manufacturing hub for gadgets like smartphones and laptops.:
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India’s electronic production has more than doubled in the last six years to $115 billion in 2024, led by growth in mobile manufacturing by global firms such as Apple and Samsung. It is now the world’s fourth-largest smart phone supplier.
But the sector faces criticism for its heavy reliance on imported components from countries such as China.
“The new scheme will incentivise production of key components like printed circuit boards that will improve domestic value addition and deepen local supply chains for a range of electronics,” one of the two officials said.
The incentives are likely to be offered under a new scheme expected to be launched in two to three months, said the officials, who asked not to be identified as details of the scheme are not yet public.
India is aiming to expand its electronics manufacturing to $500 billion by the fiscal year 2030, including production of components worth $150 billion, according to the government’s top policy think tank Niti Aayog.
India imported electronics, telecoms gear, and electrical products worth $89.8 billion in the fiscal year 2024, with more than half sourced from China and Hong Kong, according to an analysis by private think tank GTRI.

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MacDailyNews Take: Indian Prime Minister Narendra Modi’s “Make in India” policies continue. Reducing dependence on CCP-controlled China is a Very Good Thing.

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