The Indian government has announced a new set of export incentives for startups and new exporters. The move comes as India's goods exports fell by 13% year-on-year in June 2023.
Under the new measures, startups with an annual turnover of INR 50 lakh in the domestic market will be eligible for airfare reimbursement to participate in overseas events. They will also be able to host foreign buyers in reverse buyer seller meets in India and get higher airfare reimbursements for doing so.
The government has also reduced the number of documents required for export clearances. This will make it easier for exporters to do business and help to boost exports.
Commerce Minister Piyush Goyal said that the new measures will "help to boost exports and create jobs." He added that the government is "committed to making it easier for businesses to export."
Ajay Sahai, Director General of the Federation of Indian Export Organisations, said that the new measures are a "welcome move" and will "help to level the playing field for Indian exporters."
Alok Shah, CEO of the Indian Trade Promotion Organisation, said that the new measures will "make it easier for businesses to access export markets." He added that the measures are "a positive step for the Indian export sector."
The new measures are expected to benefit a wide range of Indian exporters, including startups, small businesses and MSMEs. They are also expected to help India to regain its position as a leading exporter in the global economy.