Government undertakes various measures to promote India’s export

03 Aug 2023 Evaluate

India’s overall export (merchandise plus services) was $776.3 billion in 2022-23 which is the highest in terms of overall exports until now. The Government has taken the various steps to promote India’s export and to develop its large domestic market to the optimum level and expand its reach across the world. The government has launched New Foreign Trade Policy on March 31, 2023 and came in to effect from April 01, 2023. Districts as Export Hubs has 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.

Besides, the government has extended Interest Equalization Scheme, which provide pre and post-shipment export credit to exporters in rupees. Assistance provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme. Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour oriented sector export has been implemented since March 07, 2019. Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since January 01, 2021. With effect from December 15, 2022 uncovered sectors like pharmaceuticals, organic and inorganic chemicals and article of iron and steel has been covered under RoDTEP. Similarly, anomalies in 432 tariff lines have been addressed and the corrected rates have been implemented with effect from January 16, 2023.

Further, the government has also launched Common Digital Platform for Certificate of Origin to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters. It has identified 12 Champion Services Sectors for promoting and diversifying services exports by pursuing specific action plans. Meanwhile, active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced. Lastly, 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.

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