India Approves ₹7,104 Crore for Electronics Investments, Including Rare Earth Magnet Facility
India has approved investments totaling ₹7,104 crore under the Electronics Components Manufacturing Scheme, focusing on domestic production capabilities. This includes the establishment of the country's first rare earth permanent magnet manufacturing unit, which is crucial for reducing import dependence and enhancing capabilities in key technology sectors.
On March 30, the Indian government approved 29 projects under the Electronics Components Manufacturing Scheme, totaling ₹7,104 crore. This includes a ₹700 crore investment for India's first rare earth permanent magnet facility in Uttar Pradesh by Lohum Cleantech.
AI-curated by TheiaThe approved projects will span 16 product segments and are expected to generate over 14,000 jobs, with an output valued at ₹84,515 crore. This initiative aims to enhance domestic manufacturing of high-value components, with localization targets of 25% for rare earth magnets, 50% for printed circuit boards, and 61% for lithium-ion batteries. The shift towards in-house production of critical components is seen as vital for reducing reliance on imports and strengthening India's position in the global electronics supply chain.
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