Govt initiatives to boost exports

    • During April-November, 2020-21, India’s overall (merchandise and services) exports were $304.53 billion.

    • The overall imports during the same period was of $293.56 billion, resulting in a trade surplus of $10.97 billion.

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.

    • The RoDTEP scheme would refund to exporters the embedded Central, State and local duties/taxes that were so far not being rebated/refunded and were, therefore, placing our exports at a disadvantage.  The refund would be credited in an exporter’s ledger account with Customs and used to pay Basic Customs duty on imported goods. The credits can also be transferred to other importers.

    • Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase FTA utilization by exporters.

        ◦ This technology driven new digital platform will act as a single access point for all exporters and agencies regarding all Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs).

        ◦ Under the new system the 'CoO' will be issued electronically in paperless format if agreed to by the partner countries.

    • 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.

(The author is a trainer for Civil Services aspirants. The views expressed here are personal.)