India to pay incentives worth $1.32 billion under manufacturing scheme this year

India expects to pay incentives worth Rs 11,000 ($1.32 billion) to private companies this fiscal year ending March for their investments to boost local manufacturing, a trade ministry official said on Wednesday.

The government has already paid incentives worth Rs 4,415 crore under the production-linked scheme, senior trade ministry official Rajiv Singh Thakur told reporters. The scheme launched in 2020 covers 14 sectors from electronic products to pharmaceutical drugs.