Jan. 18 – India will soon enforce new incentive schemes for exporters that will cover 2,000 products including auto components, electronics, plastics, machinery and chemicals with a focus on exported goods to Japan and China.

Interest and duty-free entitlements will retrospectively apply beginning January 1. Indian exports have been reporting a loss for 13 months straight and business only began picking up in November and December with news of slow economic recovery around the world.

“We hope these (incentives) will give a further boost to exports…will also help in recovery of the sectors which continue to show decline in exports,” Minister of Commerce and Industry Anand Sharma told Press Trust of India.

Special attention is being given to products exported to Japan and China because of its huge trade imbalance with the two countries which together contribute US$68.79 billion to India’s trade.