(MENAFN- KNN India) New Delhi, Apr 29 (KNN) The Indian government is working on a policy boost to promote domestic manufacturing of aircraft, ships, and railway components under its 'Make in India' initiative.
The goal is to attract investments and accelerate job creation in these strategic sectors, reported Mint.
Officials are currently laying the groundwork for proposals that could be implemented after the ongoing national elections. For the ruling party, this is a central part of its 100-day agenda if re-elected.
The policy package being explored includes production-linked incentives (PLI) and viability gap funding (VGF) for these industries.
PLI schemes are being considered to encourage the manufacturing of import substitution products, components, and large-scale production of high-end trains, metros, ships, and domestically built passenger aircraft.
While the infrastructure push in manufacturing may be taken up immediately after the elections, programs to make India a global hub for manufacturing high-end and technically superior products would be implemented in phases, with partial government support in the form of VGF, officials cited.
(KNN Bureau)
MENAFN29042024000155011030ID1108150142
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.