India’s $1.2 Billion Incentive Scheme for Construction Equipment Manufacturing
Scheme aims to draw $1.8 billion in fresh investment, provide incentives over seven years, sources say India estimates US $1.8 billion in fresh investment through incentives over seven years. Heavy equipment includes tunnel boring machines, fire-fighting equipment and elevators used in high-rise buildings. One of the beneficiaries is the state-run BEML that will manufacture tunnel boring machines. Others include Larsen and Toubro and Johnson Lifts. Reports say India’s construction and infrastructure equipment market is estimated at US $10.5 billion and expanding.
The Indian government is expected to approve a scheme worth US $1.2 billion in incentives to manufacture high-value, technologically sophisticated construction and infrastructure equipment. Reports said the scheme promotes cutting down dependence on critical machinery from China. The incentives will make it viable for manufacturers, and the country will cut down imports.
