New Delhi, Oct. 21 -- The government is looking to overhaul two flagship schemes that refund domestic taxes and levies paid by exporters, seeking to make payouts more targeted and funds better spent at a time when global uncertainties are weighing on Indian shipments. Two panels have been set up to review and reframe these schemes that help Indian goods stay competitive overseas, three people close to the development told Mint.

The move follows a recommendation by the expenditure finance committee (EFC) late last month for better targeting and optimal use of funds, after the commerce and textiles ministries sought a total of nearly Rs.2 trillion for the next five years for the Remission of Duties and Taxes on Exported Products (RoDTEP) a...