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India’s exports jump 67% in a decade, reaching $778 billion

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INDIA’S EXPORTS JUMP 67% IN A DECADE, REACHING $778 BILLION


DURING THIS PERIOD, INDIA’S SHARE IN WORLD MERCHANDISE EXPORTS ALSO IMPROVED
FROM 1.66% TO 1.81%, WITH THE COUNTRY ADVANCING IN RANKINGS FROM 20TH TO 17TH
POSITION.


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Chetan Bhutani
 * Updated Dec 06, 2024, 4:26 PM IST

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Union Minister of Commerce and Industry Piyush Goyal, responding to a
parliamentary query highlighted that India’s total exports surged to
approximately $778 billion in 2023-24

India’s export performance has witnessed significant growth over the past
decade, underscoring the increasing credibility and demand for Indian products
in the global market. Union Minister of Commerce and Industry Piyush Goyal,
responding to a parliamentary query highlighted that India’s total exports
surged to approximately $778 billion in 2023-24, compared to $466 billion in
2013-14—a growth of nearly 67 per cent.  During this period, India’s share in
world merchandise exports also improved from 1.66 per cent to 1.81 per cent,
with the country advancing in rankings from 20th to 17th position.



The government has implemented several initiatives to sustain and accelerate
export growth. The Foreign Trade Policy 2023, launched in April 2023, provides a
roadmap for enhancing exports and easing trade processes. Additionally, the
Interest Equalization Scheme on rupee export credit has been extended until
December 2024 to support exporters financially.

Sector-specific efforts have been pivotal in this growth. The Agricultural and
Processed Food Products Export Development Authority (APEDA) promotes
agri-product exports through financial assistance, infrastructure upgrades, and
international trade participation. Similarly, the Marine Products Export
Development Authority (MPEDA) supports marine exporters by enhancing
value-addition facilities and aquaculture production.

Quality assurance remains a priority, with the Bureau of Indian Standards (BIS)
enforcing Quality Control Orders (QCOs) to ensure high standards for Indian
products and curb substandard imports. Schemes like the Remission of Duties and
Taxes on Exported Products (RoDTEP) and the Rebate of State and Central Levies
and Taxes (RoSCTL) further support export-driven industries, particularly
labour-intensive sectors.



Initiatives such as the Districts as Export Hubs program and digital platforms
for trade certificates demonstrate the government’s commitment to promoting
exports. These measures aim to make India a global export powerhouse, boosting
the economy and generating employment.






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Published on: Dec 06, 2024, 4:26 PM IST
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