The Government of India has implemented various export promotion schemes to boost the country's exports and enhance global trade competitiveness. Which of the following is a key objective of India's export promotion schemes, such as the Merchandise Exports from India Scheme (MEIS) and the Remission of Duties and Taxes on Exported Products (RoDTEP)?
1
To increase import tariffs on foreign goods
2
To provide financial incentives and duty remissions to exporters to make Indian products more competitive in the global market
3
To restrict exports of essential goods
4
To promote foreign direct investment in domestic industries
5
To reduce the import of luxury goods