Diwali gift for exporters: interest sops | business | Hindustan Times
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Diwali gift for exporters: interest sops

business Updated: Sep 29, 2011 22:48 IST
HT Correspondent
HT Correspondent
Hindustan Times
fresh tax incentive

The government will announce a series of subsidies, including a fresh tax incentive scheme and an interest subsidy programme that will likely bring cheer to anxious exporters facing an uncertain market in European economies.

The government also removed limitations of compulsory lock-in-period, minimum build up area for foreign direct investment (FDI) in the construction industry for old-age homes and all educational institutions with immediate effect.

"After sectoral reviews, we will be announcing the incentives," said Anand Sharma, commerce minister, after chairing a meeting of an industry-government task force that discussed measures to spur industrial growth.

The government will announce a new duty drawback back scheme replacing the erstwhile duty entitlement passbook scheme that will enable exporters to claim tax incentives on imported raw material.