India has unveiled a series of proactive strategies aimed at boosting exports, enhancing domestic capacities, diversifying supply chains, and fortifying trade resilience. These measures reflect the country’s ambition to position itself as a trusted global trade partner while fostering economic growth and development.
The Foreign Trade Policy, which took effect on April 1, 2023, is designed to integrate India more effectively into international markets. Its focus is on improving trade competitiveness and solidifying India’s standing in the global arena as a dependable trading nation. To support this vision, 65 Export Facilitation Centers have been established across the country. These centers serve as hubs for mentoring and assisting exporters, particularly small and medium-sized enterprises, to access international markets with their products and services.
India’s efforts to promote exports are backed by several key schemes. The Trade Infrastructure for Export Scheme and the Market Access Initiatives Scheme provide crucial support to exporters. Additionally, the Rebate of State and Central Levies and Taxes scheme has been implemented since March 7, 2019, to benefit the labor-oriented textile sector. Similarly, the Remission of Duties and Taxes on Exported Products scheme, which began on January 1, 2021, has significantly expanded its scope. As of December 15, 2022, this scheme includes sectors such as steel, pharmaceuticals, and chemicals, covering 10,642 tariff lines. The budget allocation for this scheme for the current fiscal year stands at $2 billion. Furthermore, benefits under this scheme have been extended to exports from Domestic Tariff Area units until September 30, 2025.
To facilitate trade and maximize the utilization of Free Trade Agreements, a Common Digital Platform for Certificates of Origin has been launched. This initiative simplifies the process for exporters, streamlining trade operations. The Districts as Export Hubs initiative focuses on identifying products with export potential in each district and addressing bottlenecks to support local manufacturers and exporters. This program is not only aimed at boosting exports but also at generating employment at the district level.
India’s Trade Connect e-Platform offers comprehensive services for exporters, leveraging the expertise of Indian missions abroad and officials from the Department of Commerce. This platform acts as a bridge for new and existing exporters, providing information and intermediation services for international trade. The active participation of Indian missions abroad has further strengthened efforts to promote India’s trade, tourism, technology, and investment goals. These missions regularly monitor export performance and coordinate with export promotion councils, industry associations, and commodity boards to address challenges and implement corrective measures.
India’s approach to global trade is also reflected in its participation in Preferential and Free Trade Agreements. These agreements aim to reduce or eliminate tariffs and non-tariff barriers on significant trade items among member nations. India is currently part of 13 Free Trade Agreements and 9 Preferential Trade Agreements. Negotiations are underway for further agreements with key partners, including the European Union, the United Kingdom, and Oman.
These initiatives collectively highlight India’s commitment to strengthening its trade ecosystem and ensuring robust economic growth. Through strategic policies, innovative digital platforms, and targeted programs, the country continues to enhance its presence in global markets while supporting domestic industries and businesses. The Government’s comprehensive measures set the stage for India to achieve greater export competitiveness and sustainable development in the dynamic landscape of international trade.
