India's Export Promotion Measures Announced

25 Apr 2024 CW Team

India has announced a series of export promotion measures aimed at enhancing the country's export competitiveness and facilitating trade growth. These initiatives are part of the government's ongoing efforts to promote exports and boost economic recovery in the post-pandemic period.

One of the key measures introduced is the expansion of the Production Linked Incentive (PLI) Scheme to cover more sectors, including textiles, auto components, and advanced chemistry cell batteries. This expansion is expected to incentivize domestic manufacturing and boost exports in these sectors, thereby contributing to India's overall export growth.

Additionally, the government has announced the implementation of the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme for all export goods. Under this scheme, exporters will be reimbursed for various embedded taxes and duties, further enhancing their competitiveness in international markets.

Furthermore, the scope of the Service Exports from India Scheme (SEIS) has been expanded to include more services, such as legal, accounting, and architectural services. This move is aimed at promoting India's service sector exports and capitalising on the country's strengths in these areas.

The government has also simplified procedures and documentation requirements for exporters, streamlining the export process and reducing transaction costs. These reforms are expected to make it easier for businesses to engage in export activities and expand their presence in global markets.

Overall, the announced export promotion measures demonstrate the government's commitment to supporting exporters and catalysing India's export-led growth trajectory. By providing incentives, simplifying procedures, and expanding the scope of existing schemes, India aims to boost its export competitiveness and achieve sustainable economic growth in the long term.

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