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Business EconomyPosted at: Dec 30 2021 10:13PM


Strong exports, progress on FTAs sum up Commerce Ministry 2021 show

New Delhi, Dec 30 (UNI) Despite the Covid-19 led disruptions in the economy and global challenges, India’s merchandise exports have topped USD 263 billion during April-November 2021, a jump of more than 51% over the same period last year, putting the country on course to achieve an export target of US$ 400 billion set for 2021-22 with about 66% achieved till last month.
The robust export numbers coincide with other positive indicators of a thriving Government e-Marketplace (GeM) platform with nearly 32 lakh vendors onboard and growing international footprints with India Pavillion at World Expo 2020 at Dubai receiving more than six lakh visitors in just 83 days of its opening.
The year-end review of the Ministry of Commerce and Industry chronicles these achievements and much more to mark an eventful year which saw the cumulative value of exports during April-November 2021 reaching an estimated USD 263.57 billion compared to USD 174.16 billion during April-November 2020, a growth of 51.34 per cent.
The strong export performance in the last 8 months with shipments exceeding USD 30 billion for the 8th consecutive month this fiscal, follows monthly monitoring of achievement of goals and setting up of an export monitoring desk under the statistics division of the Directorate General of Foreign Trade to enable tight monitoring by country, region, mission, products, commodity groups and export promotion councils.
These measures are intended to serve the ultimate export objective of USD 400 billion exports for 200 countries and 30 quick estimates commodity groups for FY ’22, based on past trend, current scenario and policy dynamics in India and rest of the world. India’s services exports have also remained relatively resilient to the pandemic, with their share in world commercial services exports increasing from 3.5% in 2019 to 4.1% in 2020.
India also improved its rank in leading exporters of commercial services from 8th to 7th in 2020. An important initiative was Prime Minister Narendra Modi’s interaction with ambassadors and high commissioners, commercial missions, line ministries, industry and trade associations alongwith other stakeholders in August 2021 to reinforce the importance of using ‘local goes global’ and ‘make in India for the world’ for achieving USD 400 billion of exports.
These steps also signal India’s growing preparedness for a series of free trade agreements the Government wants to conclude over the next one year with signing of the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement in February 2021. The CECPA which entered into force on 1 April 2021, provides for an institutional mechanism to encourage and improve trade between the two countries, covering 310 export items for India. As regards trade in services, Indian service providers will have access to around 115 sub-sectors from the 11 broad service sectors.
Also lined up is the India-UAE CEPA which is aimed for signing by March 2022 to increase bilateral trade in goods to US$ 100 billion within five years of the signed. The India-Australia CECA talks are expected to complete the final agreement by end of 2022 after negotiating on trade in goods, services, investment, rules of origin, customs facilitation, legal and institutional issues etc.
The Commerce Ministry’s blueprint for a bigger share of global trade includes steps for ease of doing business, extension of Export Oriented Scheme upto 31t March 2022, revamp of IT systems of DGFT and implementation of the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) which was notified on exports from 1 January 2021. The scheme creates a mechanism for reimbursement of taxes/duties/ levies, which are currently not being refunded under any other mechanism, at the central, state and local level, but which are incurred in the process of manufacture and distribution of exported products.
A 75-point National Logistics Reform Action Plan has also been prepared with specific actionable items on the policy. The Department of Commerce is implementing Trade Infrastructure for Export Scheme (2021-22 to 2025-26) with total budget outlay of Rs 360 crore with the objective to enhance export competitiveness by supporting development of export linked infrastructure that can be utilized by multiple exporters.
UNI NMJ SHK2211
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Tags: #Strong exports# progress on FTAs sum up Commerce Ministry 2021 show
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