India achieves $400 billion merchandise exports well before target date
For the first time ever, India’s annual merchandise goods exports crossed the $400billion mark in FY22, nine days ahead of the target, even after registering a dip in FY21 due to pandemic. This is a key milestone in India’s Atma Nirbhar Bharat journey on the theme of “Local Goes Global - Make in India for the World”.
This is far higher than the previous record of USD 330 billion achieved in 2018-19.
December 2021 recorded the highest ever monthly merchandise exports recorded at USD 39.3 billion.
This is achieved through an increase in shipments of merchandise, including engineering products, apparel and garments, gems and jewellery and petroleum products.
Agriculture sector too had recorded its highestever export during 2021-22 with the help of export of rice, marine products, wheat, spices and sugar.
Both Basmati and Non-Basmati varieties of rice, achieved 90-100% of the total export target.
Engineering goods exports have gone up by nearly 50% vis-à-vis last year
Export of Cotton Yarn/Fabrics/Made-ups, Handloom Products etc, Gems and Jewellery, Other Cereals and Man-Made Yarn/Fabrics./Made-up etc. have registered a growth rate between 50%-60%
There was a detailed strategy in place behind the achievement of the export target, including specific targets set - country-wise, product-wise & Export Promotion Council(EPC)-wise, monitoring and course correction.
This boost in the exports will bolster India’s position in the ongoing negotiations for Free Trade Agreements (FTAs) with several trade partners
Despite the surge, India’s balance of trade remains negative
Efforts made to boost exports-
The Interest Equalisation Scheme has been extended to exporters and is likely to benefit a large number of MSME exporters.
Roll out of Export Incentive Schemes like-
Rebate of State & Central Taxes and Levies (RoSCTL) Scheme
Remission of Duties and Taxes on Export Products (RoDTEP) Scheme
PLI schemes for 13 key sectors of manufacturing
Districts as Exports Hub (DEH) initiative has been adopted to boost local production and make Districts active stakeholders in driving export growth of local products/services.
Coordination among multiple stakeholders to set up a firm backward - forward linkage, starting from the district level to the overseas market
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