KONTAN.CO.ID - NEW DELHI. India is working on offering production linked incentives for up to five sectors to boost domestic manufacturing, a top finance ministry official said on Thursday, bolstering efforts to attract new investments in the coronavirus-stricken economy. Asia's third-largest economy is expected to contract by as much as 10% in the current fiscal year beginning April, some private economists' estimate, after the outbreak crippled business and consumer activity since late March, compared to government's earlier target of about 6% growth. The government has announced a raft of measures including direct food subsidy to nearly 810 million people and credit guarantees of 3 trillion rupees ($40.17 billion) on loans to small businesses.
India to offer production linked incentives to boost manufacturing
KONTAN.CO.ID - NEW DELHI. India is working on offering production linked incentives for up to five sectors to boost domestic manufacturing, a top finance ministry official said on Thursday, bolstering efforts to attract new investments in the coronavirus-stricken economy. Asia's third-largest economy is expected to contract by as much as 10% in the current fiscal year beginning April, some private economists' estimate, after the outbreak crippled business and consumer activity since late March, compared to government's earlier target of about 6% growth. The government has announced a raft of measures including direct food subsidy to nearly 810 million people and credit guarantees of 3 trillion rupees ($40.17 billion) on loans to small businesses.