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India’s overall exports scale new high
The government has implemented various measures to boost the country's exports and optimize its domestic market.
India clocked its all-time highest figures in both categories of exports- merchandise and services, reaching a record high of $776.3 billion in 2022-23, marking the highest level of overall exports until now, a news release by the government said.
The government has implemented various measures to boost the country's exports and optimize its domestic market. A new Foreign Trade Policy was launched on March 31, 2023, aimed at enhancing trade activities which came into effect on April 1, 2023.
The "Districts as Export Hubs" initiative identifies products with export potential in each district, addresses obstacles in exporting these goods and supports local manufacturers to generate employment and maximize domestic market potential. The Interest Equalization Scheme for pre and post-shipment rupee export credit has been extended until March 31, 2024.
According to the release, schemes such as the Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme, assist to promote exports. The Rebate of State and Central Levies and Taxes (RoSCTL) Scheme focuses on labour-intensive sector exports since March 7, 2019. The Remission of Duties and Taxes on Exported Products (RoDTEP) scheme, effective from January 1, 2021, has expanded its coverage to include sectors like pharmaceuticals and chemicals.
Twelve Champion Services Sectors have been identified to diversify services exports through specific action plans. Additionally, Indian missions abroad play an active role in promoting trade, tourism, technology, and investment. Continuous monitoring of export performance and collaboration with various stakeholders ensure timely corrective measures are taken to enhance trade activities and economic growth, the release noted.
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