Large Language Models (LLMs) have recently demonstrated impressive few-shot learning capabilities through in-context learning (ICL). However, ICL performance is highly dependent on the choice of few-shot demonstrations, making the selection of the most optimal examples a persistent research challenge. This issue is further amplified in low-resource Indic languages, where the scarcity of ground-truth data complicates the selection process. In this work, we propose PromptRefine, a novel Alternating Minimization approach for example selection that improves ICL performance on low-resource Indic languages. PromptRefine leverages auxiliary example banks from related high-resource Indic languages and employs multi-task learning techniques to align language-specific retrievers, enabling effective cross-language retrieval. Additionally, we incorporate diversity in the selected examples to enhance generalization and reduce bias. Through comprehensive evaluations on four text generation tasks -- Cross-Lingual Question Answering, Multilingual Question Answering, Machine Translation, and Cross-Lingual Summarization using state-of-the-art LLMs such as LLAMA-3.1-8B, LLAMA-2-7B, Qwen-2-7B, and Qwen-2.5-7B, we demonstrate that PromptRefine significantly outperforms existing frameworks for retrieving examples.