Patel lists export promotion initiatives
India’s overall export (merchandise plus services) was US$776.3 billion in 2022-23, the highest in terms of overall exports until now, Minister of State for Commerce and Industry Anupriya Patel said in an update to the Lok Sabha on 2 Aug 2023 on
The Government has taken the following measures to promote India’s export and to develop its large domestic market to the optimum level and expand its reach across the world.
Patel listed:
New Foreign Trade Policy has been launched on 31 Mar 2023 and came in to effect from 1 Apr 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 and 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.
Interest Equalization Scheme on pre and post shipment rupee export credit has also been extended up to 31 Mar 2024.
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 7 Mar 2019.
Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since 1 Jan 2021. With effect from 15 Dec 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 16 Jan 2023.
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.
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 and Authorities as well as Industry Associations and taking corrective measures from time to time. Fiinews.com
