Government highlights comprehensive measures to boost exports and strengthen trade competitiveness
The government has taken various proactive measures aimed at enhancing domestic capacities, boosting exports, diversifying supply chains, exploring alternate sources of imports and fostering economic resilience. Several key initiatives and policy measures undertaken by the government to boost exports, attract investments and to promote ease of doing business are as follows:
* The Foreign Trade Policy effective from April 1, 2023 is designed to integrate India more effectively into the global market, improve trade competitiveness and establish the country as a reliable and trusted trade partner.
* Establishment of 65 Export Facilitation Centres (EFCs) across the country with an aim to provide requisite mentoring and handholding support to exporters, especially MSMEs, in exporting their products and services to foreign markets.
*Assistance being 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 certain items of textiles sector export has been implemented since March 7, 2019.
* Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since January 1, 2021. The benefit of RoDTEP scheme had also been extended to sectors like steel, pharma and chemicals with effect from December 15, 2022 to enhance export competitiveness of these sectors. Currently, 10,642 tariff lines [8-digit ITC (HS) Codes] are covered under this scheme. The budget allocation for RoDTEP scheme for the current financial year 2024-25 is Rs 16,575 crore. The benefits of the RoDTEP scheme have also been extended to exports from Domestic Tariff Area (DTA) units till September 30, 2025.
* A Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilisation by exporters.
* Districts as Export Hubs initiative had 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.
* The government has launched the Trade Connect e-Platform as an information and intermediation platform for international trade, bringing together Indian Missions Abroad and officials from Department of Commerce and other organisations to provide comprehensive services for both new and existing exporters.
* Active role of Indian missions abroad in 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 is being done and corrective measures are being taken from time to time.
* With the changing trade scenario, India is moving towards having Preferential/Free Trade Agreements (PTA/FTA) wherein Customs tariffs and non-tariff barriers are reduced or eliminated on substantial trade items between the PTA/FTA members. At present, India is a member of 13 FTAs and 9 PTAs, and negotiations are happening with the EU, the UK and Oman.
This information was given by the Union Minister of State for Commerce & Industry, Mr Jitin Prasada, in a written reply in the Lok Sabha, informed an official release.
Source: Exim News Service: New Delhi, March 27