Government approves $360 million in investments in IT hardware sector

government has approved investments worth 30 billion Indian rupees ($360.4 million) in IT hardware sector under its flagship manufacturing incentives scheme.

Applications from 27 companies have been approved, information techlogy 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.

government in May expanded its incentive scheme to attract big-ticket investments in IT hardware manufacturing, doubling amount to $2 billion as it aimed to spur domestic production of laptops and tablets.

country is offering cash-backs to manufacturers on sales of locally made goods that exceed an annual target.

government has ambitions to become a powerhouse in global electronics supply chain, with country targeting an annual output worth $300 billion by 2026.