India’s exports cross target of $400 billion : Eco Survey

NEW DELHI : India’s exports stood at $422 billion in FY22, exceeding the goal of $400 billion, noted the Economic Survey 2022 which was tabled on Tuesday. The survey listed a number of factors behind this achievement running from specific export targets to schemes such as RoTDEP.

“Some of the factors leading to the achievement of this target were putting in place of targets by the Government, including the setting of specific targets – countrywise, product-wise, and Export Promotion Council-wise; monitoring of the targets and course correction where required,” the survey read.

It also said that this growth was driven by a rise in demand for products such as chemicals, textiles, petroleum, cotton yarn, and engineering goods.

“India was able to leverage the gap in the supply of certain products in the wake of the pandemic-related disruptions and meet the global demand,” the survey noted.

India’s agricultural exports registered the highest ever export in FY22 standing at$ 37.8 billion and continued to excel in FY23 with exports of $26.8 billion during April- November 2022.

The survey highlighted that this growth was driven by an effective agriculture export policy and support of export promotion agencies including Export Inspection Council, Plantation Boards, and Agricultural and Processed Food Products Export Development Authority (APEDA). Further, measures such as online issuance of certificates required for exports helped in growth of agricultural exports.

Among efforts which helped in the growth of India’s exports were the Interest Equalisation Scheme, Remission of Duties and Taxes on Exported Products (RoDTEP) scheme, Export Credit Guarantee, Krishi Udyan scheme, Trade Infrastructure for Export Scheme and designating districts as exports hub, noted the Survey.