By Tanvi Mehta

NEW DELHI, March 30 (Reuters) - India on Monday approved 29 proposals from various ‌companies under its electronics component manufacturing program, with ‌a total investment of 71.04 billion rupees ($751.21 million), the Electronics ​and Information Technology Ministry said.

India has launched a series of incentive programs to attract global and domestic investors, expand local manufacturing capacity, reduce import dependence and strengthen ‌supply chains as ⁠it looks to improve its electronics manufacturing.

India's electronics manufacturing sector produced goods worth $125 billion ⁠in the year to March 2025. The government hopes to increase this to $500 billion by fiscal 2031.

The ​proposals cover ​mobile manufacturing, telecom, consumer ​electronics, automotive and hardware ‌products, according to a statement from the ministry.

A unit of India's Dixon Technologies was given the nod for making display modules, while Lohum Cleantech secured the approval to manufacture rare-earth permanent magnets.

According to the statement, ‌Lohum's project is India's first ​for manufacturing rare-earth permanent magnets ​from rare-earth oxide.

Reuters ​reported this month that the Indian government ‌is planning fresh incentives for ​local production ​of mobile phones with the flagship program for the burgeoning sector expiring in March, citing two ​sources. The ‌move is expected to boost firms such as ​Apple and Samsung.

($1 = 94.5680 Indian rupees)

(Reporting by Tanvi ​MehtaEditing by Rod Nickel)