India unveils Rs 1.46-trn incentive program to lure global manufacturers

'The plan will help India become a global manufacturing hub', said FM Nirmala Sitharaman

India approved an incentive program worth Rs 1.46 trillion ($20 billion) to attract companies to set up manufacturing in the South Asian nation, Finance Minister Nirmala Sitharaman said.

The government will offer production-linked incentives to 10 sectors including automobile, solar panel and specialty-steel makers over a five-year period, she said after a meeting of a ministerial panel on Wednesday. Textile units, food processing plants and specialized pharmaceutical product makers are also eligible for the incentives.

“This is something that will immediately give greater impetus to manufacturing,” Sitharaman said.

The plan will help India become a global manufacturing