India to offer incentives to boost exports

India on Tuesday launched a new incentive scheme – compliant with World Trade Organization rules – to boost exports that will enable exporters to get a refund of taxes paid to the federal and state governments, its trade minister said.

The government plans to spend 194.4 billion rupees ($2.61 billion) offering incentives to exporters under the scheme that would be effective from January 2021, a trade ministry official told reporters.

India has set a target of $400 billion in merchandise exports for the current fiscal year ending in March 2022, compared to $291.2 billion in the previous fiscal year.
Source: Reuters (Reporting by Aftab Ahmed; Writing by Manoj Kumar; Editing by Catherine Evans)