India to pay incentives worth $1.32 billion under manufacturing scheme this year

NEW DELHI (Reuters) – India expects to pay incentives worth 110 billion rupees ($1.32 billion) to private companies this fiscal year ending March for their investments to boost local manufacturing, a trade ministry official said on Wednesday.

The government has already paid incentives worth 44.15 billion rupees under the production-linked scheme, senior trade ministry official Rajiv Singh Thakur told reporters. The scheme launched in 2020 covers 14 sectors from electronic products to pharmaceutical drugs.

($1 = 83.1020 Indian rupees)

(Reporting by Acharya; Writing by Shivam Patel; Editing by Louise Heavens)