India’s exports during the last three years are as under:
Export targets are set for Special Economic Zones (SEZs)/Export Oriented Units (EOUs). The SEZ units/EOU units are under obligation to achieve positive Net Foreign Exchange (NFE) earning to be calculated cumulatively for a period of 5 years from the commencement of production. The total exports from SEZs and EOUs during the last two years and the current year is as under:
Merchandise exports to Europe and other major western countries (USA, Canada and Mexico) exhibited a positive growth trend in 2017-18 and 2018-19. Year-wise exports during the last three years are as under:
(in USD Billion)
As per World Bank data, some of the major sectors that showed a decline in global demand during 2019 (latest data available) include chemicals, fuels, textiles & clothing, machinery & electricals, metals and transportation. Of these, India’s exports showed a decline in respect of fuels, textiles & clothing and metals during the same period.
The following are some of the key steps taken by Government to increase exports:
- Foreign Trade Policy (2015-20) extended by one year, i.e., upto 31-3-2021 due to the COVID-19 pandemic situation.
- Interest Equalization Scheme on pre and post shipment rupee export credit has also been extended by one year, i.e., upto 31-3-2021.
- A new Scheme, Remission of Duties and Taxes on Exported Products (RoDTEP), has been launched with effect from 01.01.2021.
- Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase FTA utilization by exporters.
- A comprehensive “Agriculture Export Policy” to provide an impetus to agricultural exports related to agriculture, horticulture, animal husbandry, fisheries and food processing sectors, is under implementation.
- Promoting and diversifying services exports by pursuing specific action plans for the 12 Champion Services Sectors.
- Promoting districts as export hubs 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.
- Active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced.
- Package announced in light of the Covid pandemic to support domestic industry through various banking and financial sector relief measures, especially for MSMEs, which constitute a major share in exports.
This information was given by the Minister of State in the Ministry of Commerce and Industry, Shri Hardeep Singh Puri, in a written reply in the Lok Sabha.