In the recent past the Govt. has taken various steps to increase exports, including in Budget 2021, like extension of FTP/ Interest Equalization Scheme by one year, introduction of RoDTEP/ Common Digital Platform for Certificate of Origin/ comprehensive Agriculture Export Policy, etc.
MoC&I, GOI Press Release dt. 05/02/2021: Key Steps by Govt. to Boost Indian Exports (Efforts to increase exports)
During April-November, 2020-21, India’s overall (merchandise and services) exports were USD 304.53 billion, higher than overall imports of USD 293.56 billion, resulting in a trade surplus of USD 10.97 billion.
The following are some of the key steps taken by Government to increase exports:
i) Foreign Trade Policy (2015-20) extended by one year i.e. upto 31/03/2021 due to the COVID-19 pandemic situation.
ii) Interest Equalization Scheme on pre and post shipment rupee export credit has also been extended by one year i.e. upto 31/03/2021.
iii) A new Scheme, Remission of Duties and Taxes on Exported Products (RoDTEP), has been launched with effect from 01/01/2021.
iv) Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase FTA utilization by exporters.
v) A comprehensive “Agriculture Export Policy” to provide an impetus to agricultural exports related to agriculture, horticulture, animal husbandry, fisheries and food processing sectors, is under implementation.
vi) Promoting and diversifying services exports by pursuing specific action plans for the 12 Champion Services Sectors.
vii) Promoting districts as export hubs 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.
viii) Active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced.
ix) Package announced in light of the covid pandemic to support domestic industry through various banking and financial sector relief measures, especially for MSMEs, which constitute a major share in exports.
This information was given by the Minister of State in the Ministry of Commerce and Industry, Shri Hardeep Singh Puri, in a written reply in the Rajya Sabha on 05/02/2021.
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