- Friday, April 19, 2024
By: Shubham Ghosh
THE Narendra Modi government on Tuesday (18) launched a new incentive scheme – compliant with the rules of the World Trade Organization (WTO) – to bolster exports that will help exporters to get a refund of taxes paid to the federal and state governments, its trade ministry said.
One official from the ministry told the media that the government has planned to spend Rs 194.4 billion ($2.61 billion) offering incentives to exporters under the scheme that would be effective from January 1, 2021.
India has set a target of $400 billion in merchandise exports for the current fiscal year ending March 2022, compared to $291.2 billion in the previous fiscal year.
“The scheme for zero rating of exports will boost our exports and competitiveness in the global markets. The rates of RoDTEP (Remission of Duties and Taxes on Exported Products) will cover 8,555 tariff lines,” an official communique said.
“It may be noted that Government is leaving no stone unturned to support domestic industry and make it more competitive in the international markets.”
The statement added that export-centric industries are being reformed and introduced to better mechanisms in order to raise their competitiveness, boost exports, generate employment and contribute to the overall economy.
It said this will go a long way in achieving India’s vision of building an ‘Aatmanirbhar Bharat’ (self-reliant India).
