Story thread · 2 reports / 2 sources

India to okay $1.2 bn incentives for equipment

economictimes.indiatimes.com · 2h · first reportShare

NEW DELHI: India is set to approve a $1.2-billion incentive ​scheme for the making of high-value, ​technologically sophisticated construction and infrastructure equipment, two government sources said, in a bid ​to reduce dependence on China for critical machinery.The scheme, which is expected to be finalised soon, aims to draw $1.8 billion in fresh investment by offering incentives over seven years to domestic manufacturers of equipment including tunnel boring machines, ‌fire-fighting equipment and ⁠elevators used ⁠in high-rise buildings, one of two the sources said.India remains heavily dependent on imported tunnel boring machines, with China among ​the key suppliers of tunnelling and other boring equipment used in metro rail and highway construction, underscoring the ​country's long-standing struggle to build domestic manufacturing capacity.The government of Prime Minister Narendra Modi is making a renewed push to reduce reliance on key imports even as previous attempts to boost dome