India’s overall exports touched USD 776.3 billion in 2022-23, the highest until now

India’s overall export (merchandise plus services) was USD 776.3 billion in 2022-23, which is the highest in terms of overall exports until now, the government has said.

Providing this information in a written reply in the Lok Sabha on Wednesday (August 2, 2023), Union Minister of State for Commerce and Industry Anupriya Patel said the government had taken the following measures to promote India’s export and to develop its large domestic market to the optimum level and expand its reach across the world:

1. New Foreign Trade Policy has been launched on March 31, 2023 and came in to effect from April 1, 2023.

2. Districts as Export Hubs has been launched 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 and to develop its large domestic market to the optimum level and expand its reach across the world.

3. Interest Equalization Scheme on pre and post shipment rupee export credit has also been extended upto 31-03-2024.

4. Assistance provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme.

5. Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour oriented sector export has been implemented since 07.03.2019.

6. Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since 01.01.2021. With effect from 15.12.2022, uncovered sectors like pharmaceuticals, organic and inorganic chemicals and article of iron and steel has been covered under RoDTEP. Similarly, anomalies in 432 tariff lines have been addressed and the corrected rates have been implemented with effect from 16.01.2023.

7. Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters.

8. Twelve Champion Services Sectors have been identified for promoting and diversifying services exports by pursuing specific action plans.

9. Active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced.

10. Regular monitoring of export performance with Commercial Missions abroad, Export Promotion Councils, Commodity Boards/ Authorities and Industry Associations and taking corrective measures from time to time.