india: India expects production-linked payouts to rise to Rs 13,000 crore this year

2023-08-11 08:07:10

India expects production-linked incentive payouts to manufacturers to rise to at least Rs 13,000 crore this year, a top trade official said on Friday.

Under the $24 billion scheme, the federal government pays local manufacturers when targets such as sales are met, aiming to boost investment in manufacturing. Targets differ from sector to sector.

Launched in 2020, the programme covers 14 sectors, ranging from electronic products to pharmaceutical drugs and is crucial to boosting jobs in manufacturing, an area where India has struggled.

Part of the scheme’s $24 billion incentive amount which doesn’t get utilised might be redirected to some other sectors or in reworked schemes, Rajesh Kumar Singh, secretary of the trade ministry’s department for industry and internal trade promotion told reporters on Friday.

Archyde.com reported earlier this month that India’s top bureaucrat reviewed the scheme, amid a push from industry for faster payouts.

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