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India proposes to implement new export stimulus policies
According to recent reports from Indian media, the Indian government is considering new export incentive measures aimed at boosting the competitiveness of key sectors such as leather goods, handicrafts, carpets, and certain engineering equipment. This comes in response to a decline in demand from major markets like Europe and the United States. The previous export incentive program, introduced during the 2008 financial crisis, expired on March 31, 2010, prompting the need for fresh strategies to support exporters.
On August 23, Commerce and Industry Minister Sharma Mu officially announced the new export policy during the annual review of India’s foreign trade strategy. The plan includes issuing tax-exempt certificates for 2% of the export value for specific products exported to designated regions. This move is expected to ease the financial burden on small and medium-sized exporters.
However, the textile sector, which accounts for a significant portion of India’s exports, remains excluded from the new policy for now. The government has yet to decide whether this industry will be eligible for the incentives, likely due to its size and complexity.
The updated policy also aims to streamline the export process by introducing more flexible "self-certification" options. Currently, only large-scale exporters in select industries can use this system, allowing them to verify their goods without direct customs inspection. According to the Indian Export Federation, trade-related costs make up about 7% of total export expenses. By reducing these costs, the policy could generate an estimated $5 billion in additional revenue for exporters.
In the first fiscal year of 2010, India’s total exports rose by 32% year-on-year to reach $50.7 billion. Despite this overall growth, sectors like handicrafts, leather goods, and carpets continued to face sluggish performance, highlighting the need for targeted support. With the introduction of the new policy, the government hopes to revitalize these critical export segments and strengthen India’s position in global trade.