The Indian IT ministry announced Friday that a variety of companies have been accepted for 418.63 billion rupees ($4.64 billion) in incentive schemes to stimulate domestic electronic component production.
Samsung, Tata, and Foxconn (2317.TW) were among the companies whose projects were approved for government subsidies under the 229.19 billion rupee Electronics Component Manufacturing Scheme. Mobile phone enclosures, camera sub-assemblies, and other components are made.
The IT ministry says the Friday-approved projects will produce 2.58 trillion rupees ($28.62 billion) in parts and employ 34,000 people in eight states.