Under new FTP, exporters may get incentives based on R&D, specific clusters

Since 2011-12, India's exports have been hovering at around $300 billion

Exporters are likely to get incentives based on parameters like research and development, product-specific clusters and production pattern under a five-year foreign trade policy (FTP) to be released later this year, an official said.

The commerce ministry is working on recasting the existing export incentive schemes in line with the global trade norms of the World Trade Organisation (C).

"We are recasting our export incentive schemes. In the new FTP, they would be in compliance with the global trade rules. The new incentives could focus on R&D activities, production parameters, product-specific clusters. Rebate can also be given on state levies," the official