Diwali gift for exporters: interest sops

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 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.

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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.