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Production-linked sops for five sectors on anvil
Why is it in news?
- According to an official statement, India is working on offering production-linked incentives for up to five sectors to boost domestic manufacturing.
- Government is bolstering efforts to attract new investments in the pandemic-stricken economy.
Context:
- As per some estimates, India's economy is expected to contract by as much as 10% in the current fiscal.
- The government has announced a raft of measures including credit guarantees of ₹3 lakh crore on loans to small businesses.
- The government earlier announced production-linked incentives for large-scale electronic goods makers for five years.
- It was done to attract investments in mobile phone manufacturing and electronic component units.
- Incentives have also been announced for pharma firms for production of bulk drugs and medical devices.