India Boosts Exports with New Trade Initiatives
The Indian government has unveiled a series of strategic measures aimed at enhancing domestic production, increasing exports, and diversifying supply chains. These initiatives, which include the introduction of a new Foreign Trade Policy and the establishment of Export Facilitation Centres, are designed to strengthen India’s position in the global market. The measures were detailed by the Minister of State for Commerce and Industry, Shri Jitin Prasada, in a recent Lok Sabha session.
New Foreign Trade Policy Launches
Effective from April 1, 2023, the newly implemented Foreign Trade Policy aims to integrate India more deeply into the global marketplace. This policy is focused on improving trade competitiveness and establishing India as a reliable trade partner. By streamlining regulations and enhancing support for exporters, the government hopes to foster a more conducive environment for international trade. The policy is expected to play a crucial role in boosting India’s export capabilities and attracting foreign investments.
Export Facilitation Centres and Support Schemes
To further support exporters, the government has established 65 Export Facilitation Centres (EFCs) across the country. These centres are designed to provide essential mentoring and assistance, particularly to Micro, Small, and Medium Enterprises (MSMEs), helping them navigate the complexities of exporting their products and services. Additionally, various schemes such as the Trade Infrastructure for Export Scheme (TIES) and the Market Access Initiatives (MAI) are in place to promote exports and improve market access for Indian goods.
Moreover, the Rebate of State and Central Levies and Taxes (RoSCTL) Scheme has been operational since March 7, 2019, focusing on labor-oriented textiles. The Remission of Duties and Taxes on Exported Products (RoDTEP) scheme, which began on January 1, 2021, has also been expanded to include sectors like steel, pharmaceuticals, and chemicals, enhancing their export competitiveness. The current budget allocation for the RoDTEP scheme for the financial year 2024-25 stands at ₹16,575 crores, reflecting the government’s commitment to boosting exports.
Digital Platforms and Export Hubs Initiative
The government has launched a Common Digital Platform for Certificate of Origin to facilitate trade and improve the utilization of Free Trade Agreements (FTAs) by exporters. Additionally, the “Districts as Export Hubs” initiative aims to identify products with export potential in various districts, addressing bottlenecks and supporting local manufacturers to create employment opportunities. This initiative is part of a broader strategy to empower local economies and enhance India’s export capabilities.
Strengthening International Trade Relations
Indian missions abroad are playing an increasingly active role in promoting trade, tourism, technology, and investment opportunities. The government is closely monitoring export performance through Commercial Missions, Export Promotion Councils, and Industry Associations, ensuring timely corrective measures are taken. Furthermore, India is pursuing Preferential and Free Trade Agreements (PTAs/FTAs) to reduce customs tariffs and non-tariff barriers, currently being a member of 13 FTAs and 9 PTAs, with ongoing negotiations with the EU, UK, and Oman.
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