Aug 03: India’s overall export (merchandise plus services) was US$ 776.3 billion in 2022-23 which is the highest in terms of overall exports until now.
The Government has taken the following measures to promote India’s export and develop its large domestic market to the optimum level and expand its reach across the world:
- New Foreign Trade Policy has been launched on 31st March 2023 and came into effect on 1st April 2023.
- Districts as Export Hubs have been launched by identifying products with export potential in each district, addressing bottlenecks for exporting these products and supporting local exporters/manufacturers to generate employment in the district and to develop its large domestic market to the optimum level and expand its reach across the world.
- (iii) Interest Equalization Scheme on pre and post-shipment rupee export credit has also been extended up to 31-03-2024.
- Assistance is provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme.
- The rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour-oriented sector export has been implemented since 07.03.2019.
- The remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since 01.01.2021. With effect from 15.12.2022, uncovered sectors like pharmaceuticals, organic and inorganic chemicals and articles on iron and steel have been covered under RoDTEP. Similarly, anomalies in 432 tariff lines have been addressed and the corrected rates have been implemented with effect from 16.01.2023.
- A Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters.
- 12 Champion Services Sectors have been identified for promoting and diversifying services exports by pursuing specific action plans.
- The active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced.
- Regular monitoring of export performance with Commercial Missions abroad, Export Promotion Councils, Commodity Boards/ Authorities and Industry Associations and taking corrective measures from time to time.
This information has been provided by the Union Minister of State for Commerce and Industry, Smt. Anupriya Patel in a written reply in the Lok Sabha today.
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