India set to achieve $1-trn exports by FY 28
Achieves 50% of $400-billion target of exports for FY 22 by end of September
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Hyderabad: Government of India has been taking numerous measures to increase exports to $1 trillion by financial year 2027-28. By end of this September, the country has achieved 49.5 per cent of the set target of $400-billion exports for FY 2021-22, said Dr Srikar K Reddy, Joint Secretary, Ministry of Commerce and Industry.
He was the chief guest at a panel session on journey towards export excellence certificate presentation ceremony for EXIM participants organised by Federation of Telangana Chambers of Commerce and Industry (FTCCI) here on Saturday. He said the government is also keen to provide more market access to Indian companies by facilitating free trade agreements (FTAs). "India is fast tracking FTAs with countries like the UAE, Israel, European Union, UK, Australia and Canada," Dr Reddy said adding that negotiations with UAE are likely to be concluded by March 2022 to update the FTA. The country recently notified Remissions of Duties and Taxes on Exported Products (RoDTEP) scheme to boost the exports and competitiveness in local markets.
Highlighting other government initiatives, the Joint Secretary mentioned that the interest neutralisation scheme will support exporters for pre and post shipment credit considering the regulatory environment and to facilitate the exporters. He also briefed about the government's initiative – One District One Product Export Hub at every district. G Seetharam Reddy, Additional Director General of Foreign Trade, Ministry of Commerce, underlined the importance of understanding the rules and regulations of exports and imports and capitalise the opportunities available in international trade. He stressed on organisation of State level and district level meetings as a part of 75 years of Azadi ka Amrit Mahotsav.
K Bhasker Reddy, President of FTCCI, informed about conducting series of skill development programmes to strategise and identify the major challenges in the road map and identify key gaps in skill development, so that the level playing field can be created and manufacturing in India will be both cost and quality competitive.
