Mos Jitin Prasada Outlines Comprehensive Measures Taken By Govt To Boost Exports & Global Trade

(MENAFN- KNN India) New Delhi, Mar 26 (KNN) In a significant development for India's international trade landscape, the Ministry of Commerce & Industry has outlined a comprehensive set of measures designed to strengthen the country's economic resilience and global market integration.

Minister of State Jitin Prasada, in a written reply to the Lok Sabha on Tuesday, detailed a multi-faceted approach aimed at boosting exports, diversifying supply chains, and establishing India as a reliable trade partner.

The newly implemented Foreign Trade Policy, effective from April 1, 2023, represents a strategic framework to more effectively position India within the global economic ecosystem.

Central to this initiative are several targeted schemes and support mechanisms intended to empower exporters, particularly small and medium enterprises (MSMEs).

Key strategic interventions include the establishment of 65 Export Facilitation Centres (EFCs), which will provide critical mentoring and support to exporters seeking to expand into international markets.

Additionally, the government has implemented significant schemes such as the Rebate of State and Central Levies and Taxes (RoSCTL) and the Remission of Duties and Taxes on Exported Products (RoDTEP), which have been strategically designed to enhance export competitiveness.

The RoDTEP scheme, currently covering 10,642 tariff lines, has been allocated a substantial budget of Rs. 16,575 crores for the 2024-25 financial year.

Its benefits have been extended to exports from Domestic Tariff Area units until September 30, 2025, demonstrating the government's commitment to sustained economic support.

Technological innovation and digital transformation are also integral to the government's trade strategy.

A Common Digital Platform for Certificate of Origin has been launched to facilitate trade, while the Trade Connect e-Platform serves as a comprehensive information and intermediation system connecting Indian missions abroad with domestic trade ecosystem stakeholders.

The government has additionally initiated the Districts as Export Hubs program, a strategic approach to identify and support export-potential products at the local district level.

This initiative aims to generate employment and unlock economic potential across different regions of the country.

In the realm of international trade agreements, India is actively expanding its global footprint.

The country is currently a member of 13 Free Trade Agreements (FTAs) and 9 Preferential Trade Agreements (PTAs), with ongoing negotiations with the European Union, United Kingdom, and Oman, signaling a proactive approach to reducing trade barriers and expanding market access.

The ministry emphasises continuous monitoring and adaptation, with regular performance assessments involving commercial missions, export promotion councils, and industry associations to ensure responsive and dynamic trade policies.

This comprehensive strategy underscores the government's commitment to positioning India as a robust, competitive, and adaptable player in the global trade landscape, with a clear focus on sustainable economic growth and international economic integration.

(KNN Bureau)

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