India scraps $23 billion manufacturing plan due to failures

India is ending a $23 billion initiative aimed at boosting domestic manufacturing. This plan was started to attract companies moving operations from China. The decision comes just four years after the program began. Many companies involved in the program struggled to begin production. Those that did find it hard to get subsidies from the government on time. This has led to disappointment among firms hoping to benefit from the initiative. Prime Minister Narendra Modi’s government will not extend the program beyond the 14 sectors it initially covered. Requests from companies for extended deadlines have also been denied. About 750 companies, including major players like Foxconn and Reliance Industries, joined the initiative. They were promised cash incentives for reaching production targets. The goal was to increase manufacturing's contribution to India’s economy to 25% by 2025.