{"id":230278,"date":"2023-03-07T20:40:44","date_gmt":"2023-03-07T15:10:44","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=230278"},"modified":"2023-03-07T20:40:44","modified_gmt":"2023-03-07T15:10:44","slug":"a-new-trade-strategy-indias-performance-on-exports-is-a-result-of-policy-interventions","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/a-new-trade-strategy-indias-performance-on-exports-is-a-result-of-policy-interventions\/","title":{"rendered":"A new trade strategy: India\u2019s performance on exports is a result of policy interventions"},"content":{"rendered":"\n

Source<\/strong>– The post is based on the article \u201cA new trade strategy: India\u2019s performance on exports is a result of policy interventions\u201d <\/strong>published in The Indian Express <\/strong>on 7th March 2023<\/strong>.<\/p>\n

Syllabus: <\/strong>GS3- Indian economy<\/p>\n

Relevance<\/strong>– Issues related to export policy<\/p>\n

News<\/strong>– India\u2019s robust export performance has made a critical contribution to its economic growth <\/strong>in recent times.<\/p>\n

Despite global economic woes, India\u2019s overall exports grew at 17.33% to $641 billion during April-January 2022-23 compared to $547 billion<\/strong> during the same period last year.<\/p>\n

How has India improved its export performance in recent years?<\/strong><\/h2>\n

The country\u2019s exports performance was the result of well-crafted trade policy interventions, their efficacious implementation and a host of other initiatives.<\/strong><\/p>\n

Export facilitation<\/strong>– It ensured the effective conceptualisation and implementation of export promotion schemes.<\/p>\n

These schemes are Market Access Initiative (MAI), Remission of Duties and Tax on Exported Products (RoDTEP), Trade Infrastructure for Exports Scheme (TIES) and Interest Equalisation Schemes<\/strong> on pre- and post-shipment rupee export credit.<\/p>\n

Production-linked Incentive scheme<\/strong>– It has been a game changer. It has not only transformed India into a manufacturing hub<\/strong>. It has also curtailed its large trade deficit <\/strong>in electronics and other manufactured goods.<\/p>\n

As a result of this scheme, electronics manufacturing<\/strong> attracted a massive investment and its exports have grown rapidly by over 55 % annually<\/strong>. Exports of mobile phone<\/strong>s alone may reach $10 billion during the current financial year.<\/p>\n

Logistics<\/strong>– it has been a critical stumbling block in India\u2019s exports competitiveness. <\/strong>It has been proactively addressed in the Union budget 2023-24.<\/p>\n

Capital expenditure allocation <\/strong>has been sharply increased by 33% to a record Rs 10 trillion<\/strong> on the development of rail, road, air, and ocean infrastructure.<\/p>\n

It will make export logistics efficient<\/strong>. It will also integrate Indian production systems with global value chains.<\/strong><\/p>\n

Restructuring of process<\/strong>– There has been rationalisation of work allocation<\/strong> within the Ministry of Commerce and restructuring of its divisions and subordinate offices. It is likely to transform India\u2019s institutional mechanisms to promote exports. <\/strong><\/p>\n

Adopting the latest technology in the collection, assimilation, processing of data and making available real-time information<\/strong> across stakeholders has bridged the information gap<\/strong> between the exporters and the various government departments.<\/p>\n

Work with state governments<\/strong>– In recent years, the Ministry of Commerce has been actively engaging with state governments and at the district level for speedy and effective implementation of policy measures <\/strong>to promote exports.<\/p>\n

Each of the Indian states was asked to prepare an export promotion strategy<\/strong>. Proactive involvement of Indian missions abroad helped not only in market identification<\/strong> but also in facilitating product entry<\/strong>.<\/p>\n

Free Trade Agreements<\/strong>– Most Free Trade Agreements signed by India previously became counterproductive<\/strong>. The Ministry of Commerce has re-examined all the FTAs.<\/strong> It is in the process of engaging in newer ones to benefit India.<\/p>\n

Recently, India negotiated new FTAs with UAE, Mauritius and Australia.<\/strong> It is in the advanced stages of negotiations with the UK.<\/p>\n

It is also actively exploring new trade agreements with the EU and US.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Source– The post is based on the article \u201cA new trade strategy: India\u2019s performance on exports is a result of policy interventions\u201d published in The Indian Express on 7th March 2023. Syllabus: GS3- Indian economy Relevance– Issues related to export policy News– India\u2019s robust export performance has made a critical contribution to its economic growth… Continue reading A new trade strategy: India\u2019s performance on exports is a result of policy interventions<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10500],"class_list":["post-230278","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/230278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=230278"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/230278\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=230278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=230278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=230278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}