New Delhi, Sept. 9 -- The Indian government is finalising a substantial incentive package worth Rs 14,000-16,000 crore aimed at strengthening the nation's domestic manufacture of essential construction machinery.

The move - currently under inter-ministerial review - is expected to be unveiled in the forthcoming financial year.

Through this initiative, the government seeks to reduce reliance on imported machinery-currently accounting for nearly 50% of component value-from nations such as China, Japan, South Korea, and Germany.

Industry experts caution that such dependency often leads to procurement delays during times of heightened global demand or supply chain disruptions.

The proposed scheme will focus on promoting the production of ...