New Delhi, Oct. 24 -- India's new National Manufacturing Mission (NMM) may get a Rs.10,000-crore outlay to finance greenfield projects and scale high-value sectors across seven regional clusters, according to two people in the know.

The plan seeks to lift the share of manufacturing in GDP to 25% by 2035 from around 13% now, while aligning with a proposed US-India trade deal expected to ease tariff barriers. The US had earlier slapped a 50% tariff on Indian goods as a penalty for importing Russian crude oil and allegedly funding the Russia-Ukraine war.

However, Mint reported on 22 October, an India-US trade deal is close to being finalised, and will likely reduce tariffs to about 15-16% from the earlier 50% levy. The move would make Indi...