The Government has taken several steps to reduce import reliance so as to curb the trade deficit. These include creating/enhancing of domestic capacity, incentivizing domestic manufacturing through Production Linked Incentive (PLI) schemes, phased manufacturing plans, timely use of trade remedy options, adoption of mandatory technical standards, enforcement of FTA Rules of Origin (RoO) and development of import monitoring system, Minister of State for Commerce and Industry, Smt. Anupriya Patel said in reply to a parliamentary question on December 09, 2022.
At the same time, following steps have been taken to boost exports so as to narrow down the trade deficit:
- Foreign Trade Policy (2015-20) extended upto March 31, 2023.
- Interest Equalization Scheme on pre and post shipment rupee export credit has also been extended upto March 31, 2024.
- Assistance provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme.
- Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour-oriented textile export has been implemented since March 07 2019.
- Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since January 01, 2021.
- Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters.
- 12 Champion Services Sectors have been identified for promoting and diversifying services exports by pursuing specific action plans.
- Districts as Export Hubs has been launched by identifying products with export potential in each district, addressing bottlenecks for exporting these products and supporting local exporters/manufacturers to generate employment in the district.
- Active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced.
- Package announced in light of the COVID pandemic to support domestic industry through various banking and financial sector relief measures, especially for MSMEs, which constitute a major share in exports.
This information was provided by the Minister of State for Commerce and Industry, Smt. Anupriya Patel in reply to a parliamentary question on December 09, 2022.
The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1882133
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