A World Trade Organization (WTO) report has stated that India aims to increase its share of global merchandise exports from around 1.8 per cent in 2024 to about 10 per cent by 2047. To achieve this goal, the country continues to implement various duty exemption, remission, and rebate schemes to promote exports. Export promotion is also a key pillar of the Viksit Bharat vision, which seeks to sustain high long-term economic growth and enhance India's global competitiveness.
The report further noted that India's approach to WTO reform is development-centred, consensus-based, and member-driven. India continues to advocate for adequate policy space to support its development objectives. India does not subscribe to the Joint Statement Initiatives (JSIs) and reiterated its concerns over these initiatives on multiple occasions during WTO meetings held throughout the review period.
The report also highlighted that, under the 2025-26 Union Budget, India revised its basic customs duty structure by eliminating the highest tariff rates of 100 per cent, 125 per cent, and 150 per cent, and reducing the number of applied rates to eight on industrial goods through the removal of intermediate rates.
