Government to offer incentives to boost exports

(Consultant picture)

NEW DELHI: The federal government on Tuesday launched a brand new incentive scheme – compliant with World Commerce Group (WTO) guidelines – to spice up exports that can allow exporters to get a refund of taxes paid to the federal and state governments, its commerce minister mentioned.
The federal government plans to spend Rs 19,440 crore ($2.61 billion) providing incentives to exporters below the scheme that might be efficient from January 2021, a commerce ministry official instructed reporters.
India has set a goal of $400 billion in merchandise exports for the present fiscal yr ending in March 2022, in comparison with $291.2 billion within the earlier fiscal yr.