India approves spending Rs 2 trillion to boost manufacturing

Representative Image. Credit: AFP Photo

India's cabinet on Wednesday approved a proposal to provide production-linked incentives of about 2 trillion rupees ($27 billion) over five years to create jobs and boost manufacturing in the country, the finance minister said.

The incentives will be given to manufacturers in 10 sectors including automobiles and auto parts, pharmaceuticals, textiles and food products to attract investment and enable India to become a part of the global supply chain, Nirmala Sitharaman said.