GE, Nidec join companies lured by Indian subsidy

New Delhi

GENERAL Electric Co and Nidec Corp are among companies looking to take advantage of a subsidy India is offering for electronics manufacturing amid Prime Minister Narendra Modi's push to boost economic growth.

The government has received at least 60 applications, with about half of them approved, for a subsidy of as much as 25 per cent on capital investment, Ajay Kumar, joint secretary in the Department of Electronics & Information Technology, said in New Delhi. More than 40 submissions were made after Mr Modi took office in May, he said.