India plans $1.2 billion incentive scheme for construction equipment manufacturing

The Indian government is set to approve a $1.2-billion incentive scheme for manufacturing high-value construction and infrastructure equipment, according to two government sources. The scheme is expected to be finalised soon and aims to attract about $1.8 billion in fresh investment by offering incentives to domestic manufacturers over seven years. It will cover equipment such as tunnel boring machines, fire-fighting equipment, and elevators used in high-rise buildings. The move is intended to reduce India's dependence on imported machinery for critical infrastructure projects. India remains heavily dependent on imported tunnel boring machines, with China among the key suppliers.