India set to approve $1.2 billion incentive plan to make building equipment, sources say

India is preparing to approve a $1.2 billion incentive plan to expand domestic production of advanced construction and infrastructure equipment, two government sources told Reuters. Expected to be finalized soon, the scheme would offer incentives over seven years to manufacturers of items such as tunnel boring machines, firefighting equipment, and elevator systems for high-rise buildings. The plan is designed to draw $1.8 billion in fresh investment and reduce reliance on China for critical machinery. India’s import dependence has been highlighted by recent curbs and export restrictions affecting tunneling equipment. Potential beneficiaries include BEML, Larsen and Toubro, and Johnson Lifts.