NEW DELHI (Reuters) – India’s textiles ministry has decided to extend the date for filing applications under its production-linked incentive scheme by two months, the government said on Thursday.
The $24 billion production-linked incentive programme covers 14 sectors, ranging from electronic products to autos, but has so far only been successful in a handful of those.
Launched in 2020, the scheme is crucial to boosting the broader Indian economy which has been starved of private investment for nearly a decade and is struggling to create adequate jobs, particularly in manufacturing.
Reuters reported this month that India’s top bureaucrat reviewed the scheme amid a push from industry for faster payouts.
The scheme for textiles will remain open for applicants till Oct. 31, the government said in a statement.
(Reporting by Tanvi Mehta; Editing by Mark Potter)