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India: Financial assistance grants, incentives for manufacture of autos, pharmaceuticals, steel

India: Financial assistance grants

The Union Cabinet has approved the “production linked incentive scheme” to promote domestic manufacturing in certain sectors.

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The KPMG member firm in India has prepared reports about the following incentives:

  • Automobiles and auto components: Financial assistance of INR 57042 crore (approximately U.S. $7.6 billion) would be granted as an incentive to foster domestic manufacturing capabilities, reduce import dependency, and increase exports of automobiles and auto components. Read a November 2020 report [PDF 282 KB]

  • Pharmaceutical drugs: Financial assistance of INR 15000 crore (approximately U.S. $2 billion) would be granted as an incentive for global and domestic entities to engage in high-value production of pharmaceutical drugs in India. Read a November 2020 report [PDF 282 KB]

  • Speciality steel: Financial assistance of INR 6322 crore (approximately U.S. $843 million) would be granted to enhance the manufacturing capabilities of value-added steel and specifically for the manufacture of coated steel, high-strength steel, steel rails, and ally steel bars and rods. Read a November 2020 report [PDF 282 KB]

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