NEW DELHI : 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 (US$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 US$400 billion in merchandise exports for the current fiscal year ending in March 2022, compared to US$291.2 billion in the previous fiscal year.
(US$1 = 74.3500 Indian rupees)
(Reporting by Aftab Ahmed; Writing by Manoj Kumar; Editing by Catherine Evans)