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India plans to launch a new Rs 14,000-16,000 crore scheme to reduce dependence on China and South Korea for construction equipment, with implementation expected to begin in the next fiscal year.

The Indian government is planning to launch a Rs 14,000-16,000 crore scheme to promote domestic manufacturing of essential construction equipment. The aim is to reduce the country’s heavy reliance on imports, currently around 50% of its components, and...