Govt highlights efforts to increase exports

During April-November 2020-21, India’s overall (merchandise and services) exports were valued at $304.53 billion, higher than the overall imports of $293.56 billion, resulting in a trade surplus of $10.97 billion.

The following are some of the key steps taken by the government to increase exports:

• Foreign Trade Policy (2015-20) extended by one year i.e. up to 31-3-2021 due to the Covid-19 pandemic situation.
• Interest Equalization Scheme on pre- and post-shipment rupee export credit has also been extended by one year i.e. up to 31-3-2021.
• A new scheme, Remission of Duties and Taxes on Exported Products (RoDTEP), has been launched with effect from 01.01.2021.
• Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase FTA utilisation by exporters.
• A comprehensive “Agriculture Export Policy” to provide impetus to agricultural exports related to agriculture, horticulture, animal husbandry, fisheries and food processing sectors is under implementation.

• Promoting and diversifying services exports by pursuing specific action plans for the 12 Champion Services Sectors.
• 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.
• Active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced.
• 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, Mr Hardeep Singh Puri, in Parliament this week, as per a release.