Automobile Exports Record Growth Of 35.9% From 2020-21 To 2021-22


(MENAFN- IANS)

New Delhi, Feb 3 (IANS) The Vehicle exports have witnessed an impressive growth during 2021-22. Export of the total number of automobiles increased from 41,34,047 in 2020-21 to 56,17,246 in 2021-22, registering a positive growth of 35.9 per cent.

Out of this, the export of passenger vehicles, including cars increased from 4,04,397 in 2020-21 to 5,77,875 in 2021-22, registering a positive growth of 42.9 per cent and commercial vehicles increased from 50,334 in 2020-21 to 92,297 in 2021-22, registering a positive growth of 83.36 per cent, the Minister of State in the Union Ministry of Commerce and Industry, Anupriya Patel said in reply to a Parliament Question on Friday.

According to the reply, the Central government has taken multiple measures to promote India's export. Foreign Trade Policy (2015-20) has been extended up to March 31, 2023 and Interest Equalization Scheme on pre and post shipment rupee export credit has also been extended up to March 31, 2024.

Moreover, assistance was provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme.

The measures also include remission of Duties and Taxes on Exported Products (RoDTEP) scheme which has been implemented since January 1, 2021. Similarly, anomalies in 432 tariff lines have been addressed and the corrected rates have been implemented with effect from January 16, 2023.

Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters.

Districts as Export Hubs have been launched by identifying products with export potential in each district. The bottlenecks for exporting these products are being addressed and local exporters/manufacturers are being supported to generate employment in the districts, said the reply, adding that the active role of Indian missions abroad towards promoting India's trade, tourism, technology and investment goals have been enhanced.

--IANS

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