Economics
India Extends $20 Billion Package After Luring iPhone Makers
- Program to cover 10 sectors including automobile makers
- Modi aims to grow share of manufacturing to 25% of GDP
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India approved an incentive program worth 1.46 trillion rupees ($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.