Government Takes Steps to Boost Export in India

The Union Minister of Commerce and Industry, Piyush Goyal has lately stated key steps taken by the government to boost exports in the Rajya Sabha

Since the pandemic has started, government bodies have been worried about the sunk Indian export market. Export Promotion Councils (EPCs), Chambers of Commerce and Industry, Industry bodies and Associations were conferring on issues, obstacles faced by the exporters and ways to enhance exports during the epidemic. These issues were later taken up to the concerned ministries for redressal.

The Union Minister of Commerce and Industry, Piyush Goyal has lately stated key steps taken by the government to boost exports in the Rajya Sabha. Here are the following moves taken by the government:

  1. The validity of Foreign Trade Policy (2015-20) extended by one year i.e. upto 31-3-2021 and relaxations granted and time lines extended due to COVID-19

  2. Extension of export obligation period in respect of Advance Authorizations and Export Promotion Capital Goods (EPCG) authorizations under Foreign Trade Policy (FTP), extension of Letter of Permissions (LoP) / Letter of Intents (LoI) of Export Oriented Units, various relaxations to SEZ units as a measure to make them functional and to ease compliances and simplification and liberalization of procedures of trade remedial investigations

  3. Interest Equalization Scheme on pre and post shipment rupee export credit has been extended by one year i.e. upto 31-3-2021

  4. Line Ministries have notified various sectoral incentive packages, such as Production Linked Incentive Scheme (PLI) by Ministry of Electronics and Information Technology (MeitY) and PLI Scheme by Department of Pharma for Key Starting Materials (KSMs)/ Drug Intermediates and Active Pharmaceutical Ingredients (APIs)

  5. Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase the Free Trade Agreements utilization by exporters

  6. A comprehensive "Agriculture Export Policy" is under implementation to provide an impetus to agricultural exports related to agriculture, horticulture, animal husbandry, fisheries and food processing sectors

  7. Promoting and diversifying services exports by pursuing specific action plans for the 12 Champion Services Sectors

  8. Promoting districts as export hubs by identifying products with export potential in the District, addressing bottlenecks for exporting these products, supporting local exporters or manufacturers to scale and generate employment in the District

  9. Strengthening eco-system for adoption or implementation of mandatory technical standards for goods, services and skilling

  10. Energising Indian missions abroad towards promoting our Trade, Tourism, Technology and Investment goals

  11. Package announced to support domestic industry, including through various banking and financial sector relief measures, especially for Micro, Small and Medium Enterprises (MSMEs), which constitute a major share in exports

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