The government today announced further export incentives to more than 600 products covering sectors such as agriculture, chemicals, carpets, engineering, electronics and plastics, in a bid to enhance the competitiveness of India's products in the international market.
Announcing the scheme, union minister of commerce and industry Anand Sharma said the export incentives, effective 1 January 2011, cover products, which are labour-intensive and technology intensive.
Announcing the scheme, the minister hoped the measures would help more than meet the export target of $200 billion for the current financial year.
With an average growth of 25 per cent, he said, India's exports will double by 2014 while, in percentage terms, it would double by 2020.
Market Linked Focus Product Scheme: Under the new measures announce today, the government provides incentives to 335 products under the Market Linked Focus Product Scheme (MLFPS).
Products covered by the MLFPS are eligible for benefits of 2 per cent of the FOB value of exports to 15 specified markets, namely, Algeria, Egypt, Kenya, Nigeria, Tanzania, South Africa, Ukraine, Mexico, Brazil, Australia, New Zealand, Cambodia, Vietnam, China and Japan.