Rajasthan Govt prepares draft of Export Promotion Policy 2024 via EoDB
JAIPUR : The Rajasthan Government has prepared a draft policy to boost exports through ease of doing business(EoDB), faster clearances, and digital infrastructure.
The government is seeking suggestions from industrialists, exporters, and trade bodies on the policy, sources in the government said. “Now that the model code of conduct is in force, the final policy will be announced after the Lok Sabha elections,” they added.
According to the draft Export Promotion Policy 2024, Rajasthan was the 11th largest exporting state in India in 2022-23 (FY23) with exports valued at $9.69 billion, which was 2.15 per cent of the country’s total exports.
Considering the sectoral advantages within the state’s economy, the draft policy said, foreign trade would help uplift its economic prospects and create jobs on a large scale.
The draft policy strives to have competitive export logistics in the state for all modes. The focus will also be on skill development programmes to encourage entrepreneurship in the field.
Between FY19 and FY23, exports from Rajasthan recorded a compound annual growth rate (CAGR) of 8.22 per cent, slightly higher than India’s overall export growth rate of 8.11 per cent during the same period.
The US was the state’s primary export destination in 2022-23 with a share of over 22.50 per cent, according to government data.
The sectors in focus of the draft policy include gems & jewellery, textiles, apparel, handicrafts, dimensional stone, agro and food processing, and auto & auto components, among other products.
Rajasthan is one of the largest exporters of gems and jewellery. According to trade experts, the state shipped gems and jewellery worth over $650 million till September 2023 in the current financial year (FY24).
The state also expects 15 per cent year-on-year (Y-o-Y) growth in export of dimensional stones in FY24, a trade expert said.
The export of dimensional stones from Rajasthan was estimated at over Rs 3,570 crore in FY23, said Rakesh Gupta, Vice-Chairman of the Centre for Development of Stones.