The Government has taken the following measures to boost exports and reduce the trade deficit:
- Foreign Trade Policy (2015-20) extended upto 31-03-2023.
- Interest Equalization Scheme on pre and post shipment rupee export credit has also been extended upto 31-03-2024.
- 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 07.03.2019.
- Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since 01.01.2021.
- 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 has been provided by Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel said in reply to a parliamentary question on December 16, 2022.
The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1884189
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