PM Pushes for Higher Exports in Post-Pandemic

PM Pushes for Higher Exports in Post-Pandemic

Recently, Prime Minister has suggested 4-point strategic factors to achieve the export target of $400 billion in FY 2022.

He also urged all the stakeholders to identify 75 new products and destinations on the occasion of 75th Independence Day for diversifying exports.

The following are the four factors listed by the Prime Minister:

  1. Expanding quality capable manufacturing.
  2. To make joint efforts by the Central Government and the State Governments to solve the logistical problems.
  3. Strengthening coordination between exporters and the government.
  4. Exploring other global markets for Indian products.

India’s exports currently account for 20% of the Gross Domestic Product (GDP). Indian exports include goods belonging to only a few sectors. The main sectors are petroleum products, gems and jewellery, engineering goods and pharmaceuticals. Therefore, India needs to diversify its exports.

The top 3 export destinations for India are: United States of America, China and United Arab Emirates.

Export Promotion Schemes being run by the Government of India:

  • Services Exports from India Scheme (SEIS) has been started under the Foreign Trade Policy to expand the export of services.
  • Remission of Duties and Taxes on Exported Products: RODTEP scheme was implemented to replace the existing Merchandise Exports from India Scheme: MEIS for export of goods from India. Is.
  • Trade Infrastructure for Export Scheme (TIES) has been started for export.
  • Agriculture Export Policy, 2018 has been implemented.
  • Export Bandhu Scheme has also been launched to reach out to new and potential exporters.

Source – The Hindu

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