No more PLIs, govt may let ambitious scheme lapse

Prime Minister Narendra Modi's government has decided to let lapse a $23 billion programme to incentivize domestic manufacturing, just four years after it launched the effort to woo firms away from China, according to four government officials.

- Reuters

The scheme will not be expanded beyond the 14 pilot sectors and production deadlines will not be extended despite requests from some participating firms, two of the officials said.

Some 750 companies, including Apple supplier Foxconn and Indian conglomerate Reliance Industries, signed up to the production-linked initiative scheme, public records show.