MUMBAI, Nov 18 (Reuters) - The Indian government has approved investments worth 30 billion Indian rupees ($360.4 million) in the IT hardware sector under its flagship manufacturing incentives scheme.

Applications from 27 companies have been approved, information technology 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.

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

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

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

($1 = 83.2440 Indian rupees) (Reporting by Munsif Vengattil; writing by Ira Dugal, Kirsten Donovan)