India’s $7 billion export subsidies ruled illegal, US wins case at WTO

A WTO panel ruled that Indian export subsidies worth $7 billion annually are prohibited and should be removed, upholding US claims. It agreed that India provides prohibited subsidies to producers of steel products, pharmaceuticals, chemicals, IT products and textiles. While WTO rules prohibit export subsidies, exceptions are made for developing nations until they reach certain economic benchmarks.

Source: inshorts