India’s Exports
Source: News On Air
GS III: Indian Economy
Overview
- News in Brief
- India’s Exports
- Foreign Trade Policy (FTP)
Why in the News?
Commerce and Industry Minister Piyush Goyal on 6th Jan 2024 said that India has exported products worth over 60 lakh crore rupees in the financial year 2022-2023.
News in Brief
- Addressing the 77th Foundation Day of the Bureau of Indian Standards.
- Mr. Goyal stressed that high-quality standards will help India achieve high ambitions and also become a developed nation.
- Over 340 districts in the country have hallmarking facilities and nearly 4.5 lakh articles are hallmarked every day.
- Imports of toys have decreased by 52 percent as compared to 2014.
India’s Exports
- India’s overall exports (Merchandise and Services combined) in April-November 2023 are estimated to be USD 499.46 Billion,
- It exhibited a negative growth of (-) 1.39 per cent over April-November 2022.
Overall imports in April-November 2023 are estimated to be USD 560.90 Billion, exhibiting a negative growth of (-) 7.58 per cent over April-November 2022.
- Merchandise exports in November 2023 were USD 33.90 Billion, as compared to USD 34.89 Billion in November 2022.
- Non-petroleum and non-gems & jewellery exports in November 2023 were USD 23.61 Billion, compared to USD 24.30 Billion in November 2022.
- The estimated value of services export for November 2023* is USD 28.69 Billion, as compared to USD 26.93 Billion in November 2022.
- 15 of the 30 key sectors exhibited positive growth in November 2023 as compared to same period last year (November 2022).
- These include Iron Ore (2207.38%), Fruits & Vegetables (31.14%), Meat, Dairy & Poultry Products (19.91%), Oil Meals (17.22%), Mica, Coal & Other Ores, Minerals Including Processed Minerals (16.62%), Gems & Jewellery (11.97%), Spices (11.3%), Coffee (11%), Drugs & Pharmaceuticals (7.33%), Cotton Yarn/ Fabs. /Made-Ups, Handloom Products Etc. (6.33%), Cereal Preparations & Miscellaneous Processed Items (5.9%), Carpet (4.22%), Ceramic Products & Glassware (2.17%), Handicrafts Excl. Hand Made Carpet (1.17%) and Electronic Goods (1.09%).
India’s trade deficit has shown considerable improvement in April-November 2023. Overall trade deficit for April-November 2023* is estimated at USD 61.44 Billion as compared to the deficit of USD 100.38 Billion during April-November 2022, registering a decline of (-) 38.79 percent.
Foreign Trade Policy (FTP)
- Unvieled and came into force on 1 April, 2023.
- FTP 2023 aims at process re-engineering and automation to facilitate ease of doing business for exporters.
- It also focuses on emerging areas like dual use high end technology items under SCOMET, facilitating e-commerce export, collaborating with States and Districts for export promotion.
- The new FTP is introducing a one-time Amnesty Scheme for exporters to close the old pending authorizations and start afresh.
- The FTP 2023 encourages recognition of new towns through “Towns of Export Excellence Scheme” and exporters through “Status Holder Scheme”.
- The FTP 2023 is facilitating exports by streamlining the popular Advance Authorization and EPCG schemes, and enabling merchanting trade from India.
- As per India’s new Foreign Trade Policy (FTP) 2023, it aims to achieve a total export of USD 2 trillion with services and goods exports accounting for a trillion dollars each by 2030.
FTP 2015-20 aimed to boost India’s exports from $465 billion in 2013-14 to $900 billion by 2019-20. policy’s initial term in 2019-20, exports of goods and services reached $526.55 billion.
Key Approach to the policy is based on these 4 pillars
- Incentive to Remission
- Export promotion through collaboration – Exporters, States, Districts, Indian Missions
- Ease of doing business, reduction in transaction cost and e-initiatives
- Emerging Areas – E-Commerce Developing Districts as Export Hubs and streamlining SCOMET policy.
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